THELOGICALINDIAN - Key Points
Bitcoin banknote amount fell acutely beneath $400 adjoin the US Dollar. BCH/USD is about to abatement added and it could anon breach $340.
Bitcoin Cash Price beneath Heavy Pressure
There were further declines in Bitcoin banknote amount as it bootless to break aloft the $400 abutment adjoin the US Dollar. The amount bankrupt yesterday’s low of $392 and was alike able to bright the $380 support. There was a aciculate selloff and the amount beneath beneath the $350 level. A low was formed at $346.8 from area the amount is currently attempting a tiny recovery.
An antecedent hurdle on the upside is abreast the 23.6% Fib retracement akin of the aftermost bead from the $405 aerial to $346 low. The best important point is the actuality that this week’s accent two bearish trend lines with accepted attrition abreast $380 on the alternate blueprint of BCH/USD are still in place. It seems like the amount won’t be able to move aloft the 38.2% Fib retracement akin of the aftermost bead from the $405 aerial to $346 low. It is assertive for added losses beneath $360.
There are aerial affairs of it breaking the contempo low of $346. The abutting above abutment is about the $320 akin area buyers ability emerge.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently recovering, but acceptable to break in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is able-bodied into the oversold levels.
Major Support Level – $320
Major Resistance Level – $380
Charts address – Trading View, Kraken
