THELOGICALINDIAN - Key Points
Bitcoin banknote amount was not able to balance aloft $620-640 adjoin the US Dollar. BCH/USD is acceptable to extend declines beneath $600 in the abreast term.
Bitcoin Cash Price Decline
There is a slow and abiding decline underway beneath $700 in Bitcoin banknote amount adjoin the US Dollar. The amount afresh attempted a alteration but bootless to breach the $640 attrition and the 100 alternate simple affective average. There is a crumbling appearance accomplished and the amount could alike analysis the aftermost beat low of $550. It has already breached the 76.4% Fib retracement akin of the aftermost beachcomber from the $585 low to $660 high.
Therefore, there are affairs of it crumbling added appear $580 or alike appear $550. At the moment, it is trading abreast the 76.4% Fib retracement akin of the aftermost beachcomber from the $540 low to $745 high. Once it break $580, it would accessible the doors for a analysis of $550-540. Moreover, yesterdays accent a bottomward approach arrangement basic with attrition abreast $620 on the alternate blueprint of BCH/USD is acting as a strong resistance.
The approach attrition is a huge barrier at $620 forth with the 100 alternate simple affective average. Selling rallies abutting to $620 can be advised in the abreast appellation with a stop on a abutting aloft the 100 alternate SMA.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is not affective much, but charcoal in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is able-bodied beneath the 50 level.
Major Support Level – $580
Major Resistance Level – $620
Charts address – Trading View, Kraken
