THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to accretion clip adjoin the US Dollar. BCH/USD faces hurdles on the upside and ability abatement appear $280-275.
Bitcoin Cash Price Decline
There was no access in affairs absorption for Bitcoin banknote price, and it failed to move aloft $360 adjoin the US Dollar. The amount is attempted an upside break, but bootless and started crumbling with a breach beneath $340. The downside move was such that the amount bankrupt the $320 abutment and the 100 alternate simple affective average. It afresh traded abutting to the $300 akin and formed an intraday low of $299.02.
On the upside, there is a new abutting bearish trend band with attrition abreast $320 basic on the alternate blueprint of BCH/USD. Below the trend line, the 100 alternate simple affective boilerplate is positioned forth with the $320 resistance. Moreover, the 23.6% Fib retracement akin of the aftermost abatement from the $390 aerial to $300 low is additionally abreast the trend band resistance. Therefore, it won’t be accessible for BCH buyers to booty the amount aloft $320.
On the downside, the amount is acceptable to analysis $280-275 if it fails to move aloft $320. A breach and abutting aloft $320 would aftereffect in added assets may be appear the $340 area or alike $350.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accident anchor and ability move bottomward added in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $300
Major Resistance Level – $320
Charts address – Trading View, Kraken
