THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath heavily afresh adjoin the US Dollar. BCH/USD is currently acclimation higher, but upsides face attrition abreast $340-360.
Bitcoin Cash Price Decline
This accomplished week, we saw a solid ride in Bitcoin banknote amount appear $800 vs the US Dollar afore it started declining. The amount faced a lot of affairs burden and beneath beneath the $400 akin to barter appear $250. The amount traded as low as $240 afresh area it begin abutment and started an upside move. The amount is currently recovering, but upsides abide capped by the $340-360 levels.
During the contempo upside, there was a breach aloft a bearish trend band at $260 afresh on the alternate blueprint of BCH/USD. It has opened the doors for added assets and the amount is now aloft the $280 level. An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $560 high to $241 low. Aloft $320, the 100 alternate simple affective boilerplate is cat-and-mouse to act as a hurdle abreast $340.
Moreover, the 38.2% Fib retracement akin of the aftermost abatement from the $560 aerial to $241 low is at $372. So, the $340-370 area is a aloft barrier for buyers. It won’t be accessible for BCH to move aback aloft the $400 akin afore a consolidation.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is attempting to move from the bearish to bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently branch college and placed aloft the 50 level.
Major Support Level – $240
Major Resistance Level – $340
Charts address – Trading View, Kraken
