THELOGICALINDIAN - Key Points
Bitcoin banknote amount is in agitation as it bankrupt $1,100 adjoin the US Dollar. BCH/USD charcoal in a declivity and it could anon breach the $1,000 level.
Bitcoin Cash Price Decline
There was a sharp access in affairs pressure on bitcoin banknote amount as it beneath from $1,150 adjoin the US Dollar. The abatement was such that the amount traded beneath a above abutment breadth at $1,100. The amount continued declines and traded appear the $1,000 level. It is now able-bodied beneath the $1,150 axis akin and the 100 alternate simple affective average.
The contempo low was formed abreast $1,020 afore the amount started a accessory upside move. It traded aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1,170 aerial to $1,020 low. However, the upside move was capped by the $1,100 level. The mentioned $1,100 akin was a abutment beforehand and it is now acting as a resistance. Moreover, the 50% Fib retracement akin of the aftermost abatement from the $1,170 aerial to $1,020 low at $1,095 acted as a resistance. On the upside, there is additionally a new abutting bearish trend line basic with attrition at $1.110 on the alternate blueprint of BCH/USD.
On the downside, the brace is acceptable to acquisition bids abreast $1,040. However, the best important abutment is abreast $1,000, which is additionally at accident of a downside break.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied beneath the 50 level.
Major Support Level – $1,000
Major Resistance Level – $1,100
Charts address – SimpleFX
