Key Highlights:

Bitcoin (available on Coinbase) Cash continued its decline this week, falling below the $1,200 mark.

BCH/USD failed to break above its previous resistance level of $1,290 despite a minor upside correction.

BCH/USD is currently on a bullish run that could retest the $1,200 price level.

Bitcoin (available on Coinbase) Cash Price Declines Below $1,200

On Friday morning, Bitcoin (available on Coinbase) Cash price continued its decline from earlier this week, now sitting below the critical $1,200 mark. Even though there was a minor upside correction, the cryptocurrency failed to break above the previously established $1,290 resistance level.

However, BCH/USD is currently on a bullish run that could retest $1,200. On the upside, a break above that level should see BCH/USD go further toward $1,250. On the downside, a reversal would bring BCH/USD back close to $1,150. The major support level for BCH/USD is held at $1,130.

Source: Tradingview

As for the technicals, the MACD line is giving a sTron (available on Binance)g bearish signal, and with trading volume slowly picking up, there could be another selloff for Bitcoin (available on Coinbase) Cash. The RSI indicator also shows that BCH/USD is in a bearish zone as the cryptocurrency has been overbought.

Looking at the Technical Indicators:

Hourly MACD — STron (available on Binance)g bearish signal

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

Major Resistance Level — $1,200

Major Support Level — $1,130

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