Bitcoin Cash bounced back above $1,000 on Friday, now trading at around $1,010.
The cryptocurrency was able to recover from its latest bearish run.
BCH/USD is now holding a major support level at $995.
BCH/USD Recovers From Latest Selloff
On Friday, Bitcoin Cash was able to bounce back from this week’s market-wide selloff, now sitting at above $1,000. It’s now holding down a major support level at $995, while a resistance level of $1,050 needs to be tested later.
BCH/USD is currently on a bullish run that could take its price safely past $1,020. The moving averages are also showing encouraging signs for another price bump to happen. On the upside, a run past $1,050 could see further resistance points be tested near $1,080 to $1,100.
As for the technicals, the MACD indicator is giving a bullish signal, while the RSI score shows Bitcoin Cash is in overbought territory. Trading volume has held steady, and no major selloffs have materialized.
Looking at the Technical Indicators:
Hourly MACD — Bullish signal
Hourly RSI — Bitcoin Cash is in the bearish zone
Major Resistance Level — $1,050
Major Support Level — $995
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