Bitcoin Cash Price Watch | BCH/USD Dips Below $1,300 Amid Selloff

Bitcoin Cash Price Watch

Key Highlights:

  • Bitcoin Cash failed to crack above $1,400 earlier today. Instead, the coin declined below $1,300, now trading at around $1,250.
  • A major resistance level has been established at $1,290.
  • A decline toward $1,200 could still happen in the short term as the BCH/USD moving averages are trending downward.

BCH/USD Dips Below $1,300 On Crypto Selloff

On Wednesday, Bitcoin Cash failed to move above $1,400 but instead fell sharply below the $1,300 price level. The price dip was so steep that it even broke the 76.4% Fib retracement level.

Currently, Bitcoin Cash is holding resistance at $1,290, while its support level sits at around $1,240. However, BCH/USD may trend even lower later this week amid the current crypto selloff. Should it break below $1,250, then further selling pressure could send BCH/USD to closer to $1,200.

Bitcoin Cash Price Watch

Source: Tradingview

The technical chart indicates both directions are possible in the short run. The MACD indicator is giving a bearish signal, while the RSI indicator shows that Bitcoin Cash is being oversold. The next price movement would depend on whether the $1,240 support could hold and how investors react.

Looking at the Technical Indicators:

  • Hourly MACD — The MACD line movement is showing a bearish signal
  • Hourly RSI — Bitcoin Cash has reached the oversold territory
  • Major Resistance Level — $1,290
  • Major Support Level — $1,240

Featured Image: twitter

If You Liked This Article Click To Share

Like it? Share with your friends!

22152 shares, 860 points

What's Your Reaction?

Fake Fake
Epic Epic
Like Like

Comments 0

Your email address will not be published. Required fields are marked *

Bitcoin Cash Price Watch | BCH/USD Dips Below $1,300 Amid Selloff

MainStreet Econ

Join the MSE Community

reset password

Back to
MainStreet Econ
Choose A Format
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Voting to make decisions or determine opinions
Formatted Text with Embeds and Visuals
The Classic Internet Listicles
Open List
Open List
Ranked List
Ranked List
Youtube, Vimeo or Vine Embeds
Photo or GIF
GIF format

Send this to a friend