THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing beneath $400 adjoin the US Dollar. BCH/USD is acceptable to extend declines appear the $300 level.
Bitcoin Cash Price Bearish Wave
There was a minor recovery in Bitcoin banknote amount from the $345 low adjoin the US Dollar. However, the amount bootless to accretion absorption and begin offers abreast $370-380. A new downside beachcomber was accomplished and the amount bankrupt the $345 abutment area. A new low was formed at $335.4 from area the amount started a correction. An antecedent attrition on the upside is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $364 aerial to $335 low.
Above the $345 resistance, the amount is acceptable to face able advertise bank abreast $350. There is a key bearish trend band basic with attrition abreast $350 on the alternate blueprint of BCH/USD. Moreover, the 50% Fib retracement akin of the aftermost abatement from the $364 aerial to $335 low is abutting to the $350 level. Overall, it seems like the $350 akin is a major resistance for BCH buyers in the abbreviate term.
It won’t be accessible for buyers to bright $350. Therefore, affairs rallies abutting to the $350 akin can be advised with a stop aloft the $365 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed able-bodied into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently in the oversold region.
Major Support Level – $340
Major Resistance Level – $370
Charts address – Trading View, Kraken
