Key Points
• Bitcoin price created a draw back move recently and listed below $1800 against the United States of Americagreenback.
• There could be a new connecting pessimistic line forming with resistance at $1650 on the hourly chart of BCH/USD (data feed from Kraken).
• The try needs to move higher than the $1650 and $1700 resistance levels to realize side traction.
Bitcoin price listed below the $1800 and $1700 supports against the United States of America greenback. BCH/USD is probably going to stay in a very downtrend as long because it is below $1700.
Bitcoin price Decline
There was a gradual decline noted in bitcoin price from the $2000 swing high against the United States of Americagreenback. the value declined and stirred below the $1800 and $1700 support levels. It even stone-broke the five hundred Fib retracement level of the last side leg from the $1350 low to $2132 high. It opened the doors for a lot oflosses and therefore the value listed toward $1500.
A low was shaped at $1503 and therefore the value is presently correcting higher. it’s testing the twenty three.6% Fib retracement level of the last decline from the $2125 high to $1503 low. there’s conjointly a replacement connecting pessimistic line forming with resistance at $1650 on the hourly chart of BCH/USD. a prospect higher than the lineresistance at $1650 is required for consumers to realize management. higher than $1650, ensuing major resistance is at $1800 and therefore the one hundred hourly straightforward moving average. it’s conjointly the five hundredFib retracement level of the last decline from the $2125 high to $1503 low.
Therefore, a prospect higher than the $1800 resistance would be an honest positive signal. On the draw back, the $1500 level could be a major support and should hold to avoid additional declines.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is struggling to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is recovering higher toward the 45 level.
Major Support Level – $1500
Major Resistance Level – $1650
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