THELOGICALINDIAN - Key Points
Bitcoin banknote amount is beneath a lot of burden beneath $1,000 adjoin the US Dollar. BCH/USD is acceptable to extend declines beneath the $900 level.
Bitcoin Cash Price Decline
There was a solid acceleration in affairs pressure on bitcoin banknote price, which pushed it beneath $1,000 adjoin the US Dollar. The amount beneath acutely afterwards it bootless to move aloft the $1,050 akin and the 100 alternate simple affective average. Sellers got ascendancy and pushed the amount beneath the $950 and $900 abutment levels, which is a bearish assurance in the abreast term.
More importantly, there was a breach beneath a acute bullish trend band with abutment at $1,010 on the alternate blueprint of the BCH/USD pair. The brace traded as low as $870 afresh and it charcoal at a accident of added losses. An antecedent attrition on the upside is about the 23.6% Fib retracement akin of the aftermost abatement from the $1,060 aerial to $870 low. However, the most important attrition is now about $960-970. The 50% Fib retracement akin of the aftermost abatement from the $1,060 aerial to $870 low is additionally abreast $970.
Any above upside alteration from the accepted levels could face sellers abreast $960 and $970. Above $970, the $1,000 akin is a key barrier. On the downside, the contempo low of $870 is a abbreviate appellation abutment followed by $850.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is assuming a lot of bearish signs.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now in the oversold levels.
Major Support Level – $850
Major Resistance Level – $970
Charts address – Trading View
