Bitcoin price created a draw back move recently and listed below $1800 against the United States dollar.
There is a brand new connecting pessimistic line forming with resistance at $1650 on the hourly chart of BCH/USD (data feed from Kraken).
The try should move on top of the $1650 and $1700 resistance levels to realize top traction.
Bitcoin price listed below the $1800 and $1700 supports against the United States dollar. BCH/USD is probably going to stay in an exceedingly 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 dollar. the value declined and rapt below the $1800 and $1700 support levels. It even poor the five hundred Fib retracement level of the last top leg from the $1350 low to $2132 high. It opened the doors for a lot of losses and therefore the valuelisted toward $1500.
A low was fashioned 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 brand new connecting pessimistic line forming with resistance at $1650 on the hourly chart of BCH/USD. an occasion on top of the lineresistance at $1650 is required for patrons to realize management. on top of $1650, following major resistance is at $1800 and therefore the one hundred hourly easy moving average. it’s conjointly the five hundred Fib retracement level of the last decline from the $2125 high to $1503 low.
Therefore, an occasion on top of the $1800 resistance would be a decent positive signal. On the draw back, the $1500 level may 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