Key Highlights:

Bitcoin (available on Coinbase) Cash failed to crack above $1,400 earlier today. Instead, the coin declined below $1,300, now trading at around $1,250.
A major resistance level has been established at $1,290.
A decline toward $1,200 could still happen in the short term as the BCH/USD moving averages are trending downward.

BCH/USD Dips Below $1,300 On Crypto Selloff

On Wednesday, Bitcoin (available on Coinbase) Cash failed to move above $1,400 but instead fell sharply below the $1,300 price level. The price dip was so steep that it even broke the 76.4% Fib retracement level.

Currently, Bitcoin (available on Coinbase) Cash is holding resistance at $1,290, while its support level sits at around $1,240. However, BCH/USD may trend even lower later this week amid the current crypto selloff. Should it break below $1,250, then further selling pressure could send BCH/USD to closer to $1,200.

Source: Tradingview

The technical chart indicates both directions are possible in the short run. The MACD indicator is giving a bearish signal, while the RSI indicator shows that Bitcoin (available on Coinbase) Cash is being oversold. The next price movement would depend on whETHer the $1,240 support could hold and how investors react.

Looking at the Technical Indicators:

Hourly MACD — The MACD line movement is showing a bearish signal
Hourly RSI — Bitcoin (available on Coinbase) Cash has reached the oversold territory
Major Resistance Level — $1,290
Major Support Level — $1,240

Featured Image: twitter

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