Key Highlights:
-
Bitcoin Cash price held steady for the past few days, trading in the $1,050-1,150 range throughout most of the week.
-
BCH/USD is heading for an upside break, now on a bullish trend line testing a major resistance of $1,125.
-
A major support level has been established at $1,080.
BCH/USD Heading For Upside Break
For the past week, Bitcoin Cash remained steady as price volatility began to decrease. BCH/USD mostly stayed between the $1,050-1,150 range, though it did surpass the $1,200 level briefly earlier this week.
At the moment, BCH/USD is heading for an upside break. A bullish trend line has formed to test a major resistance point of $1,125. A break above the resistance could propel the cryptocurrency further up toward $1,200 once again. The next pivot level for this upward action is $1,130.
A downward correction could also happen, which might take BCH/USD down to its current support level of $1,080. A break below that could send its price to a retracement level of $1,025.
Source: Tradingview
Looking at the technicals chart, the MACD crossover means that BCH/USD is on a bullish run. The RSI indicator shows Bitcoin Cash is neither in overbought or oversold territory.
Looking at the Technical Indicators:
-
Hourly MACD — Bullish signal
-
Hourly RSI — Neutral signal
-
Major Resistance Level — $1,125
-
Major Support Level — $1,080
Featured Image: Twitter
