Key Highlights:

After a recent move above $1,000, Bitcoin (available on Coinbase) Cash once again declined past that critical price point, now trading near $925.
BCH/USD is on another bearish trend line with a resistance point at $950.
The latest downard move could test a major support level at $915.

BCH/USD Breaks Down Below $1,000, Testing New Support

On Monday morning, Bitcoin (available on Coinbase) Cash broke down past the critical $1,000 mark. At the moment, BCH/USD is hovering between $920 and $930. A bearish trend line has formed at a resistance point of $950, which may see BCH/USD test a major support level at $915.

On the downside, a break below this support could take BCH/USD further down to $900 and below. On the upside, a reversal could see BCH/USD retest the $950 resistance once again. However, the digital currency is facing a tough challenge on the upside of the trend line.

Source: Tradingview

Taking a look at the technicals, there is a bearish signal forming from the recent MACD-signal line crossover. The RSI indicator is also showing that BCH/USD is in bear territory.

Looking at the Technical Indicators:

Hourly MACD — Bearish signal
Houry RSI — Bitcoin (available on Coinbase) Cash is in a bearish zone
Major Resistance Level — $950
Major Support Level — $915

Featured Image: twitter

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