Bitcoin Cash Price Watch | BCH/USD Holds Steady Around $1,100

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.

Bitcoin Cash Price Watch-06-04-18

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

 Featured Image: Twitter

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