THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring affective bottomward adjoin $1100 adjoin the US Dollar. BCH/USD is adverse two important resistances abreast $1200 and $1300.
Bitcoin Cash Price Decline
There is a apathetic and steady decline basic from the $1500 beat aerial in bitcoin banknote amount adjoin the US Dollar. The amount has beneath beneath the $1300 akin and the 50% Fib retracement akin of the aftermost leg up from the $1005 low to $1530 high. The accepted bent is bearish back the amount struggled to achieve aloft the $1300 level. It is currently trading able-bodied beneath the $1300 akin and the 100 alternate simple affective average.
The amount afresh bankrupt the 61.8% Fib retracement akin of the aftermost leg up from the $1005 low to $1530 high, which is a bearish sign. On the upside, there is a new abutting bearish trend band basic with attrition at $1200 on the alternate blueprint of BCH/USD. The pair is struggling to move aloft $1200 and $1220 attrition levels. On the downside, there is a abutment trend band basic abreast $1100. There is a adventitious that BCH/USD would analysis $1100 afore it attempts an upside recovery.
To sum up, the accepted drive is bearish as continued as the amount is beneath $1200 and $1300. It could analysis the $1100 and $1000 levels in the abreast appellation if the drive charcoal intact.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective south and is able-bodied beneath the 50 level.
Major Support Level – $1100
Major Resistance Level – $1300
Charts address – Trading View, Kraken
