Bitcoin Cash Price Watch – BCH/USD On Bearish Run, Falls Below $1,000

Bitcoin Cash Price Watch

Key Highlights:

  • Bitcoin Cash is now on a bearish run, breaking below the pivotal $1,000 level.

  • Just like with other major cryptocurrencies, BCH/USD is now on a long-term bearish trend.

  • On the downside, BCH/USD could slide to $950 later this week.

BCH/USD Breaks Below $1,000

On Wednesday morning, Bitcoin Cash broke below the pivotal $1,000 price level, now trading at around $995. BCH/USD could still slip further later in the day, where the downside could take its price toward $950 later this week. On the upside, a retest of the $1,000 level may still be possible.

At the moment, Bitcoin Cash is holding a major resistance level around $1,080, while its support is at $960. If sellers remain in control, a movement past $960 could happen any time. The moving averages show that this downward price movement could still continue.

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Bitcoin Cash Price Watch

Source: Tradingview

On the bright side, the hourly MACD line has just crossed the signal line, so a short-term bullish signal is shown. In addition, the RSI indicator shows that Bitcoin Cash is currently in oversold territory.

Looking at the Technical Indicators:

  • Hourly MACD — BCH/USD is on a short-term bullish trend

  • Hourly MACD — BCH/USD is in oversold territory

  • Major Resistance Level — $1,080

  • Major Support Level — $960

Featured Image: Twitter

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