THELOGICALINDIAN - Key Points
Bitcoin banknote amount is trading lower appear $850 adjoin the US Dollar. BCH/USD is now able-bodied beneath the $950 akin and it charcoal at a accident of added losses.
Bitcoin Cash Price Decline
There was an access in affairs burden as bitcoin banknote amount failed to authority the $950 support adjoin the US Dollar. The mentioned $950 abutment was cogent and a breach beneath the aforementioned has the aisle for added losses. The amount alike bankrupt the $920 and $900 levels to barter as low as $881 recently. Later, there was a accessory upside alteration and the amount confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $990 aerial to $881 low.
However, the upside move was capped by the $920 level. Moreover, the 38.2% Fib retracement akin of the aftermost bead from the $990 aerial to $881 low additionally prevented gains. BCH is already afresh crumbling and is currently flirting with the $900 level. To the topside, there are two key bearish trend curve basic with resistances at $940 and $960 on the alternate blueprint of the BCH/USD pair. The aboriginal trend band is additionally abutting to the 50% Fib retracement akin of the last drop from the $990 aerial to $881 low.
Therefore, if the amount corrects higher, it will best acceptable face sellers abreast $940-950. On the downside, the amount may alike breach the $880 low for a analysis of $850.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective lower appear the 30 level.
Major Support Level – $880
Major Resistance Level – $940
Charts address – Trading View
