THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath heavily afresh adjoin the US Dollar. BCH/USD may abide to move bottomward appear the $440 and $420 levels in the abreast term.
Bitcoin Cash Price Decline
There was a sharp downside move from the $640 beat aerial in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace confused and bankrupt abounding supports like $560, $540, $500 and $480. The abatement was such that the amount alike acclimatized beneath the $550 axis akin and the 100 simple affective boilerplate (4-hours). Moreover, the amount bankrupt a key accumbent abutment abreast the $490 level.
During the decline, there was a breach beneath a above bullish trend band with abutment at $540 on the 4-hours blueprint of the BCH/USD pair. All these are bearish signs and suggests added losses beneath the $500 level. The amount afresh took out the 1.236 Fib addendum akin of the aftermost beachcomber from the $522 low to $661 high. Therefore, it could extend losses beneath the $470 akin in the abreast term. The abutting abutment lies abreast the 1.618 Fib addendum akin of the aftermost beachcomber from the $522 low to $661 aerial at $436.
Looking at the chart, BCH amount is acceptable to advance declines appear the $440 level. And, if sellers abide in action, there could be a analysis of the $400-420 abutment breadth as able-bodied in the advancing sessions.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is placed heavily in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is abreast the oversold levels.
Major Support Level – $435
Major Resistance Level – $550
