Bitcoin Cash Price Watch | BCH/USD Heads For Upside Break

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.

Bitcoin Cash Price Watch

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

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