THELOGICALINDIAN - Key Points
Bitcoin banknote amount fell acutely beneath $150 and $100 adjoin the US Dollar. BCH/USD may actual college in the abbreviate appellation appear $115 or $120 resistance.
Bitcoin Cash Price Analysis
This accomplished week, there was a major downside move beneath the $150 abutment in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace beneath heavily and bankrupt the $140 and $120 abutment levels. The abatement was such that the amount alike bankrupt the $100 abutment and acclimatized beneath the 100 simple affective boilerplate (4-hours). A new annual low was formed at $92 and after the amount started accumulation losses.
An antecedent attrition is abreast the $105 level. It is the 23.6% Fib retracement akin of the contempo abatement from the $145 aerial to $92 low. Above $105, there is a able attrition formed abreast the $115-120 zone. There is additionally a acute bearish trend band formed with attrition at $120 on the 4-hours blueprint of the BCH/USD pair. The 50% Fib retracement akin of the recent decline from the $145 aerial to $92 low is additionally about $120. Therefore, if the amount continues to move higher, it is acceptable to face sellers abreast the $115 and $120 attrition levels.
Looking at the chart, BCH amount is acutely in a above declivity beneath $120 and $125. If there is a beginning abatement beneath $100, the amount may alike breach the $92 beat low in the abreast term.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is boring affective in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloof abreast the 30 level.
Major Support Level – $92
Major Resistance Level – $120
