February 8, 2018 – Bitcoin Cash Price Watch
- BCH recently broke through the $1,300 level and is now on an uptrend
- A major support level of $1,220 has been established
- The MACD indicator is sending a strong bullish signal
Bitcoin Cash Breaks Through $1,300
Earlier today, Bitcoin Cash soared to above $1,300 and reached as high as $1,317.27. Despite cooling down momentarily, it returned to an upward trajectory and a new bullish trend line has been formed. Currently, BCH is approaching the $1,300 level once again, now trading at $1,275.40. This is still a significant gain considering it dropped to as low as $951.57 earlier.
As of now, a major support level of $1,220 has been tested. Investors will need to monitor how the bullish trend transpires next, especially if it can break the $1,280 barrier.
Since the bollinger bands both lie above the current BCH price, chances are it’ll move back up toward the middle of the bands. The MACD indicator sent a strong bull signal over the past three hours when BCH bounced from $1,240 to $1,300.
Looking at the Technical Indicators:
- MACD — strong bullish signal when the MACD and signal lines crossed over
- Major Support Level — $1,220
- Major Resistance Level — $1,320
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