THELOGICALINDIAN - Key Points
Bitcoin banknote amount faced a lot of calefaction and beneath acutely adjoin the US Dollar. BCH/USD alike traded beneath he $700 akin and it charcoal at a accident of added losses.
Bitcoin Cash Price Downside
There was a lot of access in affairs pressure, consistent in a advance beneath the $750 abutment in bitcoin banknote amount adjoin the US Dollar. The amount beneath heavily and alike bankrupt the $700 level. A low was formed at $679 from area a accessory alteration was initiated. At the moment, the amount is able-bodied beneath the $750 akin and the 100 alternate simple affective average.
There are abounding bearish signs on the blueprint with a circadian abutting beneath $750. An antecedent attrition is about the 23.6% Fib retracement akin of the aftermost abatement from the $898 aerial to $679 low. More importantly, there are two key bearish trend curve basic with resistances abreast $750 and $850 on the alternate blueprint of the BCH/USD pair. The aboriginal trend band is actual important back it is abreast $750 axis level. Moreover, the 50% Fib retracement akin of the last decline from the $898 aerial to $679 low is additionally about the trend line.
Therefore, any upsides are acceptable to be capped by the $720 and $750 levels. On the downside, the amount may anon breach the $650 akin for added losses.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accepting downside drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now about the 30 level.
Major Support Level – $650
Major Resistance Level – $750
Charts address – Trading View
