THELOGICALINDIAN - Key Points
Bitcoin banknote amount was not able to balance adjoin the US Dollar aloft $320. BCH/USD charcoal in the bearish area and assertive for added declines appear $280.
Bitcoin Cash Price Declining Pattern
There was no above accretion in Bitcoin banknote price, as it remained capped by the $310-320 levels adjoin the US Dollar. There was already a alteration appear the $307 level, but buyers bootless to booty the amount added higher. It seems like BCH attempt to barter college continues with attrition abreast $310 and $320. BTC/USD billow could be the capital acumen why BCH is disturbing to recover.
Looking at the abstruse side, yesterday’s accent acute bottomward approach arrangement with accepted attrition at $311 on the alternate blueprint of BCH/USD continues to act as a hurdle. Recently, the amount traded appear the 50% Fib retracement akin of the aftermost abatement from the $331.00 aerial to $292.80 low. However, it bootless to accretion drive to breach the $310 resistance zone.
The approach attrition abreast $310-311 is now accumbent with the 100 alternate simple affective average. So, the mentioned $311 attrition may abide to act as a advertise zone. On the downside, an antecedent abutment is at $292. Below $292, the amount could barter appear $280. The best important abutment sits at $275, which can be apparent as a account pivot.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is about collapsed and suggesting no above movement.
Hourly RSI (Relative Strength Index) – The RSI is branch lower appear the 30 level.
Major Support Level – $275
Major Resistance Level – $311
Charts address – Trading View, Kraken
