Bitcoin (available on Coinbase) Cash’s downside has been confirmed as it falls to $1,200.
Key Highlights:
Bitcoin (available on Coinbase) Cash failed to maintain its price above $1,300 this week, falling back to the $1,200 range
Currently, BCH is trading at $1,235, but it may decline back down to near $1,200, which is now a key support level
BCH failed to hold above $1,360; in the short term, it should first test a resistance at $1,250
Bitcoin (available on Coinbase) Cash — Short-term Downside Confirmed
Last week, we established a major resistance level for Bitcoin (available on Coinbase) Cash at $1,310, which was surpassed over the weekend. However, BCH started to pull back since Sunday and is now trading at $1,235. Further downside is evident as several bearish trends have formed since hitting its daily high of $1,285. The next move could see BCH test a key support at $1,200 once more.
Source: Tradingview
For the rest of the day, we will likely see BCH trade in a range between $1,215 and $1,235. This can be seen as a price correction from the gains we saw over the weekend. Chances are further downside moves are expected as shown in the recent candlestick patterns.
On the technical analysis part, the MACD is giving a weak bearish signal, while the momentum indicator is also echoing the same sentiment.
Looking at the Technical Indicators:
Hourly MACD — BCH is now in a bearish zone
Momentum — A bearish trend is forming
Major Support Level — $1,200
Major Resistance Level — $1,250
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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.