THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath heavily by added than $200 adjoin the US Dollar. BCH/USD is now in a bearish area and is eying added declines.
Bitcoin Cash Price Decline
This anniversary is turning out to be a above crumbling phase for bitcoin banknote amount from the $1,450 beat aerial adjoin the US Dollar. The amount continued its abatement afresh and it alike confused beneath the $1,300 and $1,200 abutment levels. The accepted abatement is actual able and the amount is trading beneath the $1,180 level. The contempo low was $1,159 and it seems like the amount may abide to abatement in the abreast term.
On the upside, an antecedent attrition is about the 23.6% Fib retracement akin of the abatement from the $1,495 aerial to $1,159 low. However, the affairs are actual beneath that the amount may balance aloft $1,300 in the abreast term. Further to the upside, there are two bearish trend curve forming with resistance at $1,360 and $1,440 on the alternate blueprint of BCH/USD. The aboriginal trend band is aloof aloft the 50% Fib retracement akin of the abatement from the $1,495 aerial to $1,159 low.
Clearly, there is a lot of burden on BCH and it could anon breach the $1,159 low. The abutting above abutment sits about the $1,120 akin followed by $1,100.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently about the oversold levels.
Major Support Level – $1,120
Major Resistance Level – $1,300
Charts address – SimpleFX
