THELOGICALINDIAN - Key Points
Bitcoin banknote amount is in a bearish trend beneath $1,080 adjoin the US Dollar. BCH/USD charcoal at a accident of added declines appear the $920 and $850 levels.
Bitcoin Cash Price Decline
This accomplished week, there were sharp declines from the $1,100 beat aerial in bitcoin banknote amount adjoin the US Dollar. The amount beneath and bankrupt a few important abutment levels such as $1,050 and $1,000. It traded appear the $950 akin afore starting an upside correction. A low was formed at $948 and the amount adapted aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1,322 aerial to $948 low.
However, the upside move was capped by the $1,050 resistance. It additionally bootless to analysis and breach the 38.2% Fib retracement akin of the aftermost abatement from the $1,322 aerial to $948 low. BCH amount is crumbling already afresh and it seems like it could retest the $948 low in the abbreviate term. A breach beneath $948 could accessible the doors for a test of the $920 and $900 abutment levels. To the topside, there is a monster bearish trend band in abode with attrition abreast $1,060 on the 4-hours blueprint of the BCH/USD pair.
Looking at the chart, the amount is adverse a boxy claiming on the upside abreast $1,060 and the trend line. Above this, the aftermost beat aerial of $1.150 is the abutting above hurdle for buyers.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is mostly abrogating in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is crumbling appear the 30 level.
Major Support Level – $950
Major Resistance Level – $1,060
