THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath acutely beneath $1500 adjoin the US Dollar. BCH/USD is beneath a lot of burden and it could alike breach the $1400 support.
Bitcoin Cash Price Decline
There was no recovery in bitcoin banknote amount as it bootless to move aloft the $1650 akin adjoin the US Dollar. The amount beneath acutely and bankrupt a few important abutment levels such as $1550 and $1500. It traded abutting to the $1400 akin and formed a low at $1392. At the moment, the amount is acclimation college and is testing the 23.6% Fib retracement akin of the aftermost abatement from the $1638 aerial to $1392 low.
On the upside, the burst abutment at $1475 is acceptable to act as a attrition in the abreast term. It could act as a aloft hurdle for buyers and anticipate upsides aloft $1500. Aloft $1500, the 50% Fib retracement akin of the aftermost abatement from the $1638 aerial to $1392 low may act as a resistance. There is additionally a new bearish trend band basic with accepted resistance at $1580 on the alternate blueprint of BCH/USD.
The trend band attrition at $1580 is aloft the 61.8% Fib retracement akin of the aftermost abatement from the $1638 aerial to $1392 low. Therefore, any above recoveries from the accepted levels is acceptable to be capped.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is extending moves in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now abreast the acute oversold levels.
Major Support Level – $1400
Major Resistance Level – $1500
Charts address – SimpleFX
