THELOGICALINDIAN - Key Points
Bitcoin banknote amount akin yesterday’s assets adjoin the US Dollar. BCH/USD is now aback beneath $1,600 with a few bearish signs abreast $1,520.
Bitcoin Cash Price Support
There were a brace of attempts by bitcoin banknote amount to break the $1,650 resistance adjoin the US Dollar. The amount bootless to move aloft $1,650 and started a downside move. It beneath acutely and akin best its yesterday’s gains. During the decline, it bankrupt the $1,600 and $1,550 abutment levels to achieve beneath the 100 alternate simple affective average.
It alike acicular beneath the $1,500 abutment akin and traded as low as $1,482. At the moment, it is accumulation losses about the 23.6% Fib retracement akin of the aftermost bead from the $1,664 aerial to $1,482 low. On the upside, there are many hurdles for buyers abreast $1,580 and the 100 alternate SMA. The 50% Fib retracement akin of the aftermost bead from the $1,664 aerial to $1,482 low is at $1,573 to act as a key resistance. Moreover, there is additionally a key bearish trend band basic with attrition at $1,640 on the alternate blueprint of the BCH/USD pair.
Looking at the chart, it seems like the amount may actual higher, but it may attempt to move aloft $1,580 and $1,600. On the downside, $1,500 and $1,480 levels are important supports. A breach beneath $1,480 may advance the amount aback appear $1,450.
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 abreast the oversold readings.
Major Support Level – $1,480
Major Resistance Level – $1,580
