THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath aback beneath $650 adjoin the US Dollar. BCH/USD has to animation aback aloft 100 alternate SMA to abstain added declines.
Bitcoin Cash Price Decline
Yesterday, we saw a decent upside move aloft the $650 akin in bitcoin banknote amount adjoin the US Dollar. The amount traded appear the $680 level, which acted as a solid hurdle. Buyers bootless to advance the amount aloft $680-682, which resulted in a downside move. There was a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $600 low to $682 high.
More importantly, yesterday’s accent key bullish trend band with abutment at $662 was breached on the alternate blueprint of the BCH/USD pair. The brace is currently trading able-bodied beneath the $650 support, which is a bearish sign. Moreover, the amount is now trading aloof beneath the 100 alternate simple affective boilerplate and $640. It is captivation the 61.8% Fib retracement akin of the aftermost beachcomber from the $600 low to $682 high. Therefore, the amount must breach aloft the $625 level and it should anon breach the 100 alternate SMA.
If BCH buyers abort to move the amount aback aloft $640 and 100 SMA, there are affairs of added losses. A breach beneath the $625 akin could alike advance the amount aback appear $600 in the abreast term.
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 now able-bodied beneath the 50 level.
Major Support Level – $625
Major Resistance Level – $650
Charts address – Trading View
