THELOGICALINDIAN - Key Points
Bitcoin banknote amount is beneath burden beneath $975 adjoin the US Dollar. BCH/USD may abide to abatement appear $850 and $800 abutment levels.
Bitcoin Cash Price Downtrend
This accomplished anniversary pushed bitcoin banknote amount in a bearish zone beneath $1,000 the US Dollar. There was a aciculate downside move and the amount acclimatized beneath the $1,000 akin and the 100 simple affective boilerplate (4-hours). There was a abatement appear the $850 akin and a low formed at $867. A accretion was accomplished and the amount confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1,160 aerial to $867 low.
However, the upside beachcomber was adequate by the $1,050 level. Moreover, the 61.8% Fib retracement akin of the aftermost abatement from the $1,160 aerial to $867 low acted as a hurdle. At the moment, the amount is trading lower and is able-bodied beneath the $950 level. On the upside, there is a acute bearish trend band basic with attrition at $975 on the 4-hours blueprint of the BCH/USD pair. It seems like the brace may abide to abatement and it could alike break the $900 akin in the abreast term.
Further beneath $900, the aftermost low of $867 could be tested. Moreover, there is a accident of a analysis of $850, which is a above abutment zone.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is already afresh affective in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 50 level.
Major Support Level – $850
Major Resistance Level – $975
Charts address – SimpleFX
