THELOGICALINDIAN - Key Points
Bitcoin banknote amount is affective lower appear $1400 adjoin the US Dollar. BCH/USD ability extend declines and charcoal at accident of added losses.
Bitcoin Cash Price Correction
Yesterday, we saw the start of a downside correction beneath $1600 in bitcoin banknote amount adjoin the US Dollar. The amount connected to actual lower and it afresh confused beneath the $1500 abutment area. There was a breach of the 61.8% Fib retracement akin of the aftermost upside beachcomber from the $1148 low to $1750 high. It has opened the doors for added declines back the amount is now beneath $1500.
At present, the amount is trading abreast $1450 and charcoal at a accident of added declines. The abutting major support is abreast the $1400 level, which ability attack to assure added slides. On the upside, there is a above bearish trend band basic with attrition abreast $1480 on the alternate blueprint of BCH/USD. The brace ability abort to breach the trend band and the 23.6% Fib retracement akin of the contempo bead from the $1718 aerial to $1450 low. Above the trend band resistance, the $1550 akin is a acute resistance.
The mentioned $1550 attrition is abutting to the 38.2% Fib retracement akin of the contempo bead from the $1718 aerial to $1450 low. The all-embracing trend is concise bearish with affairs of a analysis of $1400.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD has confused into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is extensive the 20 level.
Major Support Level – $1400
Major Resistance Level – $1500
Charts address – Trading View, Kraken
