Bottom Line
- Bitcoin money rate decreased greatly and traded listed below the $300 and $280 levels versus the United States Dollar.
- The other day’s highlighted secret bearish pattern line is undamaged with resistance at $315 on the per hour chart of the BCH/USD set (information feed from Kraken).
- The set is presently trading near the $250 level and it might decrease more towards $220
Bitcoin money rate is under heavy selling pressure versus the United States Dollar. BCH/USD might continue to move down and it might check the $220 level in the near term.
Bitcoin Money Rate Analysis
The other day, we went over how there was an increase in selling pressure listed below $300 in bitcoin money rate versus the United States Dollar. The BCH/USD set decreased greatly and broke the $280 and $260 assistance levels. It is now trading well listed below the $300 level and the 100 per hour basic moving average. The current decrease was such that the rate even broke the $250-255 assistance location and formed a low at $249
At the minute, the rate is combining losses near $260 with bearish relocations. A preliminary resistance is the 23.6% Fib retracement level of the current decrease from the $379 high to $249 low. Above $280, the rate might check the $300 level, which is a significant resistance. More significantly, the other day’s highlighted secret bearish pattern line is undamaged with resistance at $315 on the per hour chart of the BCH/USD set. The pattern line accompanies the 50% Fib retracement level of the recent decline from the $379 high to $249 low.
Taking A Look At the chart, BCH rate is plainly in a significant drop listed below $280 and $300 There might be a small healing, however later on the rate is most likely to resume decrease. The next primary assistance for purchasers is near $220 followed by $200
Taking a look at the technical indications:
Per Hour MACD– The MACD for BCH/USD is a little put in the bullish zone.
Per Hour RSI (Relative Strength Index)– The RSI for BCH/USD is presently near the 40 level.
Significant Assistance Level– $250
Significant Resistance Level– $300
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