THELOGICALINDIAN - Key Points
Bitcoin banknote amount started a aciculate downside alteration beneath $700 adjoin the US Dollar. BCH/USD charcoal beneath burden and ability analysis $540.
Bitcoin Cash Price Resistance
Yesterday, we saw how Bitcoin banknote amount started a downside correction from $940 adjoin the US Dollar. The amount confused bottomward and traded beneath the $800 and $750 abutment levels. However, the mentioned alteration was continued as the amount traded beneath $700. It seems like the amount is afterward a crumbling aisle and ability abide to barter lower appear $500. It already bankrupt the 50% Fib retracement akin of the aftermost beachcomber from the $295 low to $943 high.
It is a bearish assurance and suggests added losses as continued as the amount is beneath $700. At the moment, the amount is additionally beneath the $650 akin and the 100 alternate simple affective average. There is a acute bottomward approach arrangement with attrition abreast $620 basic on the alternate blueprint of BCH/USD. The approach attrition abreast $620 is additionally abreast the 100 alternate simple affective average. Therefore, the $620-640 attrition area is acceptable to act as a above hurdle for buyers.
On the downside, an antecedent abutment is abreast the 61.8% Fib retracement akin of the last wave from the $295 low to $943 aerial at $542. Selling rallies in the abbreviate appellation appear $640 ability be advised with a stop aloft the 100 alternate SMA.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is mostly assuming bearish signs.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $540
Major Resistance Level – $640
Charts address – Trading View, Kraken
