THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to move aloft the $1,220 attrition adjoin the US Dollar. BCH/USD may alike breach the $1,100 abutment for added declines.
Bitcoin Cash Price Decline
This accomplished week, we saw a fresh downside move beneath $1,250 in bitcoin banknote amount adjoin the US Dollar. The amount alike traded and acclimatized beneath the $1,200 support. It afresh formed a low at $1,118 and is currently trading in a tiny range. It has confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1,286 aerial to $1,118 low. However, there are abounding resistances on the upside appear the $1,250 level.
An antecedent attrition is about the $1,200 akin and the 100 alternate simple affective average. The declared $1,200 akin is additionally the 50% Fib retracement akin of the aftermost abatement from the $1,286 aerial to $1,118 low. Above the declared $1,200, there is a above bearish trend band forming with resistance at $1,220 on the alternate blueprint of BCH/USD. The trend band attrition is abreast the 61.8% Fib retracement akin of the aftermost abatement from the $1,286 aerial to $1,118 low.
Therefore, it seems like the $1,200-1,220 attrition arena is a acute barrier for buyers. As continued as the amount is beneath $1,220, it charcoal at a accident of added declines in the abreast term. Beneath $1,100, the amount may abatement appear $1,050.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring abbreviation its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has aloof confused aloft the 50 level.
Major Support Level – $1,220
Major Resistance Level – $1,100
Charts address – SimpleFX
