Key Highlights:

On Wednesday, Bitcoin (available on Coinbase) Cash broke below yesterday’s support of $1,125, now approaching the $1,110 territory.

Earlier in the day, BCH/USD reached a high of $1,160 before a major cryptocurrency selloff occurred.

BCH/USD managed to recover from the latest selloff, now forming a bullish trend line after holding support at $1,090.

Bitcoin (available on Coinbase) Cash Fails to Hold Support

On Wednesday morning, Bitcoin (available on Coinbase) Cash broke below yesterday’s support of $1,125, now trading in the $1,110 territory and holding support at $1,090. However, the price decline didn’t last long to reach a Fib retracement level of $1,075. From its support level, BCH/USD started to recover from the latest selloff and formed a bullish trend line. Signs point to BCH/USD testing a resistance level of $1,120 in the short term.

Recently, traders accused CNBC’s Fast Money program of trying to create an artificial hike in Bitcoin (available on Coinbase) Cash price. Bears believe CNBC has continuously been inviting Roger Ver and Brian Kelly to express their bullish views on the future fundamentals of Bitcoin (available on Coinbase) Cash.

Source: Tradingview

Looking at the technicals chart, the hourly MACD lines are showing a bearish signal. This is also confirmed by the RSI indicator, which places Bitcoin (available on Coinbase) Cash in overbought territory. Trading volume has subsided since the earlier selloff.

Looking at the Technical Indicators:

Hourly MACD — Bearish signal

Hourly RSI — Bitcoin (available on Coinbase) Cash is in overbought territory

Major Resistance Level — $1,120

Major Support Level — $1,090

Featured Image: Depositphotos/© belchonock

PreviousBitcoin (available on Coinbase) Cash Price Watch – BCH/USD Holds Steady Around $1,100

NextBitcoin (available on Coinbase) Cash Price Watch – BCH/USD Breaking Above $1,300

If You Liked This Article Click To Share