Key Highlights:

Bitcoin (available on Coinbase) Cash broke past the $1,100 price level during the weekend, reaching as high as $1,200.
Currently, BCH/USD is holding steady around this price, establishing a support at $1,080.
A bearish trend line is forming around a resistance point of $1,120 to test its support level.

BCH/USD Holding Steady Around $1,100

After surging to as high as $1,200 this past weekend, Bitcoin (available on Coinbase) Cash declined slightly earlier this morning. BCH/USD has now stabilized around the critical $1,100 price level, with a major support level established around $1,080.

At the moment, Bitcoin (available on Coinbase) Cash is on a short-term bearish run. The bearish trend line was formed at a major resistance point of $1,150. This downward movement could take BCH/USD toward a Fib retracement level of $1,075, which is near its support. On the upside, a reversal may send BCH/USD to $1,110 later in the day, but that’s unlikely to happen given the recent price movements and the short-term moving averages.

Source: Tradingview

As for the technicals, the MACD line is sending a bearish signal, while the RSI score shows that Bitcoin (available on Coinbase) Cash is in oversold territory. Trading volume has slowed down, hence no major outbursts are expected.

Looking at the Technical Indicators:

Hourly MACD — Bearish signal
Hourly RSI — Bitcoin (available on Coinbase) Cash is in bullish territory
Major Resistance Level — $1,150
Major Support Level — $1,080

 Featured Image: Twitter

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