THELOGICALINDIAN - Key Points
Bitcoin banknote amount is in a bearish trend beneath $1,000 adjoin the US Dollar. BCH/USD may acquisition it adamantine to balance in the abreast appellation as continued as it is beneath $1,100.
Bitcoin Cash Price Trend
This accomplished anniversary was mostly bearish back bitcoin banknote amount beneath by added than $250 adjoin the US Dollar. The amount beneath and traded beneath a few important abutment levels such as $1,200, $1,120 and $1,000. It alike traded beneath the $960 abutment and traded as low as $905. Later, a accretion was accomplished from the $905 beat low, but the accretion could not aftermost long.
It traded aloft the 23.6% Fib retracement akin of the aftermost downside move from the $1,281 aerial to $905 low. However, the upside move was prevented by the $1,060 resistance. Moreover, there was no breach aloft the 38.2% Fib retracement akin of the aftermost downside move from the $1,281 aerial to $905 low. On the upside, there is a major bearish trend line basic with attrition at $1,080 on the 4-hours blueprint of the BCH/USD pair. Therefore, it seems like there are abounding hurdles on the upside abreast the $1,060 and $1,100 levels.
As continued as the amount is beneath the $1,100 level, it charcoal in a downtrend. It may retest the aftermost beat low of $905 and it could alike breach it for a analysis of $850.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is mostly affective in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is affective lower appear the 35 level.
Major Support Level – $900
Major Resistance Level – $1,100
Charts address – SimpleFX
