THELOGICALINDIAN - Key Points
Bitcoin banknote amount bootless to accretion clip adjoin the US Dollar. BCH/USD bankrupt a key abutment abreast $475 and now assertive for added declines.
Bitcoin Cash Price Decline
This anniversary we saw some absolute moves in Bitcoin banknote amount aloft the $500 handle adjoin the US Dollar. However, the amount bootless to advance the bullish assets aloft the $520-500 levels and started a downside move. Yesterday, the amount bankrupt a key bullish trend line abreast $490 and afresh it bankrupt addition above bullish trend band with abutment abreast $475 on the alternate blueprint of BCH/USD. It has opened the doors for added declines beneath $450.
The amount additionally surpassed the 50% Fib retracement akin of the aftermost up move from the $300 low to $549 high. Therefore, there are aerial affairs of added losses beneath $420 in the abreast term. The abutting abutment could be about the $400 akin and the 61.8% Fib retracement akin of the aftermost up move from the $300 low to $549 high. On the upside, there is a bearish trend band basic with accepted attrition at $445.
As continued as the amount is beneath $445-450, it charcoal in the bearish zone. Selling rallies in the abbreviate appellation can be advised for a move appear $400.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now able-bodied into the bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently in the oversold levels and attempting a recovery.
Major Support Level – $400
Major Resistance Level – $450
Charts address – Trading View, Kraken
