Key Highlights:
- Bitcoin Cash broke past the $1,100 price level during the weekend, reaching as high as $1,200.
- Currently, BCH/USD is holding steady around this price, establishing a support at $1,080.
- A bearish trend line is forming around a resistance point of $1,120 to test its support level.
BCH/USD Holding Steady Around $1,100
After surging to as high as $1,200 this past weekend, Bitcoin Cash declined slightly earlier this morning. BCH/USD has now stabilized around the critical $1,100 price level, with a major support level established around $1,080.
At the moment, Bitcoin Cash is on a short-term bearish run. The bearish trend line was formed at a major resistance point of $1,150. This downward movement could take BCH/USD toward a Fib retracement level of $1,075, which is near its support. On the upside, a reversal may send BCH/USD to $1,110 later in the day, but that’s unlikely to happen given the recent price movements and the short-term moving averages.
Source: Tradingview
As for the technicals, the MACD line is sending a bearish signal, while the RSI score shows that Bitcoin Cash is in oversold territory. Trading volume has slowed down, hence no major outbursts are expected.
Looking at the Technical Indicators:
- Hourly MACD — Bearish signal
- Hourly RSI — Bitcoin Cash is in bullish territory
- Major Resistance Level — $1,150
- Major Support Level — $1,080
