THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to accretion absorption aloft $1750 adjoin the US Dollar. BCH/USD is now aback in the bearish area and is currently affective bottomward against $1550.
Bitcoin Cash Price Resistance
After a decent upside move aloft $1750, bitcoin banknote amount faced sellers adjoin the US Dollar. The amount started a downside move and traded beneath the $1700 abutment akin to admit a downtrend. There was a breach beneath 23.6% Fib retracement akin of the aftermost beachcomber from the $1468 low to $1772 high. More importantly, there was a breach beneath a above bullish trend band with abutment $1680 on the alternate blueprint of BCH/USD.
The brace is currently beneath a lot of burden beneath $1650 and the 100 alternate simple affective average. It is now beneath the 50% Fib retracement akin of the aftermost beachcomber from the $1468 low to $1772 high. This is a able bearish assurance and is agency the amount may advance lower appear $1550. The mentioned $1550 abutment is important in the abbreviate appellation back it was a attrition earlier. An average abutment is the 61.8% Fib retracement akin of the aftermost beachcomber from the $1468 low to $1772 aerial at $1584.
On the upside, there is a bearish trend band basic with attrition at $1650. As continued as the amount is beneath $1650, it could abide to move down.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective lower and it has accomplished the 30 level.
Major Support Level – $1550
Major Resistance Level – $1650
Charts address – SimpleFX
