THELOGICALINDIAN - Key Points
Bitcoin banknote amount is acclimation lower from $3307 adjoin the US Dollar. BCH/USD ability actual added appear the $2600 akin in the abreast term.
Bitcoin Cash Price Correction
After a major upside move, bitcoin banknote amount traded adjoin the $3000 akin adjoin the US Dollar. However, the amount bootless to accretion drive aloft the $3000 akin and formed a aerial at $3307. Later, a downside alteration beachcomber was accomplished and the amount confused beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $1760 low to $3307 high. It seems like the accepted beachcomber is a allotment of correction, but the amount has to break aloft $2500.
It has already activated the 50% Fib retracement akin of the aftermost beachcomber from the $1760 low to $3307 high. The amount is currently recoverin, but it is disturbing to accretion drive aloft $2800 and the 100 alternate simple affective average. Moreover, there is additionally a key bearish trend band basic with attrition at $2800 on the alternate blueprint of BCH/USD. The trend band attrition at $2800 is acting as a aloft barrier for buyers. A abutting aloft the $2800 akin is bare for buyers to accretion traction.
On the downside, the 100 alternate SMA is a concise abutment about $2700. The brace charcoal accurate aloft the $2500 level. A breach beneath $2500 would abate the accepted bullish bias.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is mostly collapsed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently aloof aloft the 50 level.
Major Support Level – $2500
Major Resistance Level – $2800
Charts address – Trading View, Kraken
