- After a recent move above $1,000, Bitcoin Cash once again declined past that critical price point, now trading near $925.
- BCH/USD is on another bearish trend line with a resistance point at $950.
- The latest downard move could test a major support level at $915.
BCH/USD Breaks Down Below $1,000, Testing New Support
On Monday morning, Bitcoin Cash broke down past the critical $1,000 mark. At the moment, BCH/USD is hovering between $920 and $930. A bearish trend line has formed at a resistance point of $950, which may see BCH/USD test a major support level at $915.
On the downside, a break below this support could take BCH/USD further down to $900 and below. On the upside, a reversal could see BCH/USD retest the $950 resistance once again. However, the digital currency is facing a tough challenge on the upside of the trend line.
Taking a look at the technicals, there is a bearish signal forming from the recent MACD-signal line crossover. The RSI indicator is also showing that BCH/USD is in bear territory.
Looking at the Technical Indicators:
- Hourly MACD — Bearish signal
- Houry RSI — Bitcoin Cash is in a bearish zone
- Major Resistance Level — $950
- Major Support Level — $915
Featured Image: twitter