THELOGICALINDIAN - Key Points
Bitcoin banknote amount is acclimation lower from $1,575 adjoin the US Dollar. BCH/USD charge break aloft the $1,350 abutment to abstain any added declines.
Bitcoin Cash Price Correction
After a major upside move, bitcoin banknote amount faced sellers abreast $1,575 adjoin the US Dollar. The amount topped about the $1,574.0 akin and started a downside correction. It beneath and traded beneath the $1,500 and $1,400 abutment levels. It traded appear the $1,350 abutment area and formed a low abreast $1,344. Later, the amount got abiding and started accumulation aloft the $1,350 level.
On the downside, there is a acute bullish trend band in abode with abutment abreast $1,360 on the alternate blueprint of the BCH/USD pair. Below the trend band abutment and $1,350, the abutting aloft abutment is about the 100 alternate simple affective boilerplate at $1,300. Therefore, there are two acute supports for the accepted trend – $1,350 and $1,300. As continued as the amount is aloft the stated supports, it could animation aback appear $1,500. At the moment, the amount is convalescent and testing the 38.2% Fib retracement akin of the aftermost abatement from the $1,574 aerial to $1,344 low.
Looking at the chart, there is additionally a abutting bearish trend band with attrition at $1,460. A breach and abutting aloft the $1,460 and $1,500 attrition levels could advance the amount aback appear $1,575 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied beneath the 50 level.
Major Support Level – $1,350
Major Resistance Level – $1,460
