Key Highlights:

Bitcoin (available on Coinbase) Cash bounced back above $1,000 on Friday, now trading at around $1,010.

The cryptocurrency was able to recover from its latest bearish run.

BCH/USD is now holding a major support level at $995.

BCH/USD Recovers From Latest Selloff

On Friday, Bitcoin (available on Coinbase) Cash was able to bounce back from this week’s market-wide selloff, now sitting at above $1,000. It’s now holding down a major support level at $995, while a resistance level of $1,050 needs to be tested later.

BCH/USD is currently on a bullish run that could take its price safely past $1,020. The moving averages are also showing encouraging signs for another price bump to happen. On the upside, a run past $1,050 could see further resistance points be tested near $1,080 to $1,100.

Source: Tradingview

As for the technicals, the MACD indicator is giving a bullish signal, while the RSI score shows Bitcoin (available on Coinbase) Cash is in overbought territory. Trading volume has held steady, and no major selloffs have materialized.

Looking at the Technical Indicators:

Hourly MACD — Bullish signal

Hourly RSI — Bitcoin (available on Coinbase) Cash is in the bearish zone

Major Resistance Level — $1,050

Major Support Level — $995

Featured Image: Depositphotos/© BiancoBlue

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