The instrument is now testing the level of 1125.00 (Murray [2/8]), which coincided with the lower line of Bollinger Bands. The downward trend maintains, which the technical indicators confirm. Bollinger Bands are diverging, reflecting the active development of the current trend. MACD volumes are growing in negative zone. Stochastic’s lines are pointed downwards.
The breakout and consolidation of the price below the level of 1125.00 will let Bitcoin Cash reach the levels of 1062.50 (Murray [1/8]) and 1000.00 (Murray [0/8]).
The upward trend will be restored after the price is set above the level of 1187.50 (Murray [3/8]), which is the middle line of Bollinger Bands.
In this case, the next targets of buyers will be the level of 1250.00 (Murray [4/8]).
Support and resistance
Support levels: 1125.00, 1062.50, 1000.00.
Resistance levels: 1187.50, 1250.00, 1312.50.
Short positions can be opened below the level of 1125.00 with the target at around 1062.50 and stop loss 1143.00
Long positions can be opened above the level of 1187.50 with the target at around 1250.00 and stop loss 1170.00