THELOGICALINDIAN - Key Points
Bitcoin banknote amount is in a declivity beneath $200 adjoin the US Dollar. BCH/USD could accretion backbone already sellers accretion clip beneath $160.
Bitcoin Cash Price Analysis
This accomplished week, there was a solid upside correction from the $150 abutment breadth in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace formed a low at $146 and climbed aloft the $160, $180 and $190 attrition levels. There was alike a breach aloft the $200 barrier, but buyers bootless to authority gains. As a result, there was a beginning abatement beneath $190 and the amount remained able-bodied beneath the 100 simple affective boilerplate (4-hours).
During the decline, there was a breach beneath the 61.8% Fib retracement akin of the aftermost beachcomber from the $146 low to $206 high. The amount is currently accumulation aloft the $160 abutment and it charcoal at a accident of added losses. A breach beneath the 76.4% Fib retracement akin of the last wave from the $146 low to $206 aerial is possible. Once there is a abutting beneath $160, the amount may accelerate beneath the $150 abutment as well. On the upside, there is a above bearish trend band formed with attrition at $190 on the 4-hours blueprint of the BCH/USD pair.
Looking at the chart, BCH amount may breach the $190 and $200 attrition levels to ascend higher. If not, there is a accident of a downside breach beneath $160.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is collapsed in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloof aloft the 40 level.
Major Support Level – $160
Major Resistance Level – $190
