- Bitcoin money price stopped working to move above the $775 resistance and declined versus the US Dollar.This week’s highlighted secret bearish pattern line played well with resistance at$720 on the hourly chart of the BCH/USD pair( data feed from Kraken). The pair is moving lower and it appears like it might revisit the last swing low of $665. Bitcoin money price is back in a drop listed below$720 againstthe US Dollar. BCH/USD is most likely to speed up decreases back towards the $665 and$650 levels.Bitcoin Money Rate Decrease Yesterday, we saw a failure near the $775 resistance in bitcoin cash rate versus the United States Dollar. The BCH/USD pair began a fresh disadvantage wave and broke the $750 and $720 support levels. There was even a close below the $750 pivot level and the 100 hourly easy moving average. It appears like the rate cannot break the 50% Fib retracement level of the last decline from the $905 high to $664 low.It unlocked for a brand-new bearish wave and the rate tumbled below $700. It even went beyond the 50% Fib retracement level of the last leg from the $665 low to $779 high. This week’s highlighted secret bearish pattern line played well with resistance at $720 on the per hour chart of the BCH/USD pair. The set is presently trading just listed below the $700 level with a bearish angle. If the 76.4% Fib retracement level of the last leg from the$665 low to $779 high cannot hold declines, there could be more losses towards the last swing low of $665.
Taking a look at the chart, the cost is back in a downtrend below$ 720, above which there are opportunities of an upside recovery.Looking at the technical indications: Hourly MACD– The MACD for BCH/USD is back in the bearish zone.Hourly RSI(Relative Strength Index)– The RSI for BCH/USD is presently near the 30 level.Major Support
Level–$ 665 Major Resistance Level–$720 The post Bitcoin Money Rate Analysis: BCH/USD Resumes Drop appeared first on NewsBTC.