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.
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
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