THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath heavily and activated the $625 akin adjoin the US Dollar. BCH/USD charcoal at a accident of added losses as continued as it is beneath $660.
Bitcoin Cash Price Decline
There was a massive drop in bitcoin banknote amount beneath the $700 abutment akin adjoin the US Dollar. The amount beneath and traded beneath the $650 level. A low was formed abreast the $625 akin from area a accessory upside alteration was initiated. At the moment, the amount is trading abreast the 23.6% Fib retracement akin of the aftermost downside move from the $707 aerial to $625 low.
More importantly, there is a aloft bearish trend band basic with accepted attrition at $660 on the alternate blueprint of the BCH/USD pair. The brace has to move aloft the $660 akin to alpha an upside move in the abbreviate term. The abutting attrition could be the 50% Fib retracement akin of the aftermost downside move from the $707 aerial to $625 low at $696. However, the best important attrition is abreast the $700 akin and the 100 hourly simple affective average. A breach and abutting aloft the $700 akin and the 100 alternate SMA is bare for added gains.
On the downside, the contempo low abreast $625 is tiny abutment followed by the $600 handle.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently assuming tiny accretion signs.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is aloof about the 50 level.
Major Support Level – $625
Major Resistance Level – $700
Charts address – Trading View
