THELOGICALINDIAN - Key Points
Bitcoin banknote amount is in a bearish trend beneath $950 adjoin the US Dollar. BCH/USD is acceptable to extend declines in the abbreviate appellation appear $850 and $800.
Bitcoin Cash Price Resistance
There were continuous declines in bitcoin banknote amount from the $960 beat aerial adjoin the US Dollar. The amount bankrupt the $950 and $900 abutment levels to set the clip for added losses. Added importantly, the amount acclimatized beneath the $900 akin and is currently able-bodied beneath the 100 alternate simple affective average. It afresh traded as low as $867 and it may actual a few credibility in the abbreviate term.
An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $990 beat aerial to $867 low. Moreover, there is a key abutting bearish trend band basic with attrition at $910 on the alternate blueprint of the BCH/USD pair. The aforementioned attrition breadth is positioned about the 38.2% Fib retracement akin of the last decline from the $990 beat aerial to $867 low. Therefore, the amount may abide to face sellers if it moves college from the accepted levels appear $900 and $910.
On the downside, the contempo low at $867 may not authority for long. A breach beneath $867 will best acceptable alarm for a advance appear the $850 akin in the abreast term.
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 positioned able-bodied beneath the 40 level.
Major Support Level – $850
Major Resistance Level – $910
Charts address – Trading View
