THELOGICALINDIAN - Key Points
Bitcoin banknote amount faced an added affairs burden beneath $1,250 adjoin the US Dollar. BCH/USD beneath beneath $1,220 and it charcoal at a accident of added losses.
Bitcoin Cash Price Decline
There was no upside move aloft $1,250 in bitcoin banknote amount bygone adjoin the US Dollar. The amount started a downside move and traded beneath the $1,240 and $1,220 abutment levels. The abatement acquired clip and the amount alike traded beneath the $1,200 abutment level. During the slide, there was a abutting beneath the 50% Fib retracement akin of the aftermost upside move from the $1,125 low to $1,283 high.
More importantly, there was a abutting beneath $1,200 and the 100 alternate simple affective average. It has opened the doors for added losses beneath the $1,150 level. At the moment, the amount is testing the 61.8% Fib retracement akin of the aftermost upside move from the $1,125 low to $1,283 high. On the upside, there is a key bearish trend line basic with attrition at $1,225 on the alternate blueprint of BCH/USD. Therefore, if the amount corrects higher, it may face sellers abreast the $1,220 and $1,225 attrition levels.
On the downside, a breach and abutting beneath the $1,180 abutment akin could advance the amount appear $1,150. An average abutment is abreast the 76.4% Fib retracement akin of the aftermost upside move from the $1,125 low to $1,283 aerial at $1,162.
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 currently able-bodied beneath the 50 level.
Major Support Level – $1,150
Major Resistance Level – $1,225
Charts address – SimpleFX
