THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to move college adjoin the US Dollar. BCH/USD is now able-bodied beneath the $900 and $950 axis levels.
Bitcoin Cash Price Trend
There is a solid bearish trend in place in bitcoin banknote amount back it bankrupt the $900 akin adjoin the US Dollar. The amount additionally bankrupt the $880 abutment akin afresh and alike broken the $850 level. A new low was formed at $848 afore the amount begin buyers. A accessory alteration is underway and the amount confused aloft the $850 level. It is now abutting the 23.6% Fib retracement akin of the aftermost bead from the $976 aerial to $848 low.
However, there are abounding hurdles on the upsides about the $900 level. There is additionally a aloft crumbling approach basic with attrition abreast $880 on the alternate blueprint of the BCH/USD pair. The approach attrition is a acute barrier for the accepted beachcomber about $880. A breach aloft the $880 akin could advance the amount appear the abutting hurdle at $900. The abutting main resistance is the 50% Fib retracement akin of the aftermost bead from the $976 aerial to $848 low.
If the amount fails to move aloft the $880 level, there could be a downside reaction. In this case, the amount may alike breach the aftermost low of $848 for added losses.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is still placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective college appear the 50 level.
Major Support Level – $850
Major Resistance Level – $900
Charts address – Trading View
