THELOGICALINDIAN - Key Points
Bitcoin banknote amount struggled to move aloft $4000 adjoin the US Dollar. BCH/USD bankrupt the $3400 abutment and confused into the bearish zone.
Bitcoin Cash Price Decline
During the accomplished few days, we saw a appropriate rise in bitcoin banknote amount aloft $3500 adjoin the US Dollar. However, the amount bootless to move aloft the $4000 akin and started a downside move. First, there was a breach beneath the 61.8% Fib retracement akin of the aftermost upside leg from the $2780 low to $3997 high. It opened the doors for added losses against $3000. Second, there was a breach beneath the $3400 abutment area, which afire added declines.
More importantly, yesterday’s acicular abutting bullish trend band with abutment at $3450 was burst on the alternate blueprint of BCH/USD. The brace is now trading abreast the $2650 abutment and the 100 alternate simple affective average. There is a adventitious of a accessory alteration in the abbreviate appellation against $3000. However, there is a new bearish trend band basic with accepted attrition at $3000 on the aforementioned chart. The trend band attrition could act as a able attrition and will best acceptable prevent gains aloft $3000.
Therefore, if the brace corrects college from the accepted levels, it may face sellers abreast $3000 and $3200. On the downside, a breach beneath the 100 alternate SMA could advance the amount against $2200.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently about the 30 level.
Major Support Level – $2650
Major Resistance Level – $3000
Charts address – Trading View, Kraken
