THELOGICALINDIAN - Key Points
Bitcoin banknote amount faced an added affairs burden adjoin the US Dollar. BCH/USD beneath appear $1,250 and it is currently acclimation higher.
Bitcoin Cash Price Downtrend
Yesterday, there was no aloft correction in bitcoin banknote amount aloft the $1,400 akin adjoin the US Dollar. The amount beneath added and bankrupt yesterday’s low of $1,312. It alike traded beneath the $1,300 akin and confused appear the $1,250 support. A new low was formed at $1,251 from area the amount started a concise upside correction.
An antecedent attrition is about the 23.6% Fib retracement akin of the aftermost abatement from the $1,508 aerial to $1,251 low. There are abounding resistances on the upside and any above alteration could face sellers abreast $1,350. To the topside, there is additionally a new bearish trend band basic with attrition at $1,320 on the alternate blueprint of BCH/USD. The trend band attrition is abutting to the 38.2% Fib retracement akin of the aftermost abatement from the $1,508 aerial to $1,251 low. Therefore, if the amount corrects college further, it is acceptable to face sellers abreast the $1,300 and $1,320 level. Above $1,320, the abutting above upside hurdle is at $1,350.
On the downside, the contempo low of $1,251 is a above support. It won’t be accessible for sellers to breach the $1,250 abutment zone. Below $1,250, the abutting abutment sits at $1,200.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is acerb placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently acclimation college appear the 35 level.
Major Support Level – $1,250
Major Resistance Level – $1,320
Charts address – SimpleFX
