THELOGICALINDIAN - Key Points
Bitcoin banknote amount is affective bottomward already afresh adjoin the US Dollar. BCH/USD could extend its abatement appear the $1,485 akin if sellers abide in control.
Bitcoin Cash Price Upside Hurdle
Yesterday, we discussed an upside correction aloft $1,650 in bitcoin banknote amount adjoin the US Dollar. The amount did move higher, but it bootless to accretion drive aloft the $1,700 resistance. Sellers dedicated assets aloft the declared $1,700 and pushed the amount aback beneath the 100 alternate simple affective average. There was additionally a abortion to breach the 50% Fib retracement akin of the aftermost bead from the $1,835 aerial to $1,565 low.
More importantly, yesterday’s accent abutting bearish trend band with accepted attrition at $1,630 prevented assets on the alternate blueprint of the BCH/USD pair. The brace is currently beneath burden and it bankrupt the $1,600 abutment level. Additionally, it is about to breach the $1,565 low, which could accessible the doors for added losses. The abutting stop for sellers could be the 1.618 Fib addendum of the aftermost beachcomber from the $1,568 low to $1,701 aerial at $1,485. An intermediate support is at $1,536, which is the 1.236 Fib addendum of the aforementioned wave.
Looking at the chart, the amount is acutely beneath burden beneath $1,600. If there is an upside correction, the $1,600 and $1,620 levels are acceptable to anticipate gains.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective lower beneath the 40 level.
Major Support Level – $1,485
Major Resistance Level – $1,630
