Key Highlights:
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Bitcoin Cash continued its decline this week, falling below the $1,200 mark.
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BCH/USD failed to break above its previous resistance level of $1,290 despite a minor upside correction.
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BCH/USD is currently on a bullish run that could retest the $1,200 price level.
Bitcoin Cash Price Declines Below $1,200
On Friday morning, Bitcoin Cash price continued its decline from earlier this week, now sitting below the critical $1,200 mark. Even though there was a minor upside correction, the cryptocurrency failed to break above the previously established $1,290 resistance level.
However, BCH/USD is currently on a bullish run that could retest $1,200. On the upside, a break above that level should see BCH/USD go further toward $1,250. On the downside, a reversal would bring BCH/USD back close to $1,150. The major support level for BCH/USD is held at $1,130.
Source: Tradingview
As for the technicals, the MACD line is giving a strong bearish signal, and with trading volume slowly picking up, there could be another selloff for Bitcoin Cash. The RSI indicator also shows that BCH/USD is in a bearish zone as the cryptocurrency has been overbought.
Looking at the Technical Indicators:
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Hourly MACD — Strong bearish signal
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Hourly RSI — Bitcoin Cash is in a bearish zone
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Major Resistance Level — $1,200
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Major Support Level — $1,130
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