BCH price is on a rebound even as the psychologically crucial level of $600 appears evasive. While most cryptocurrencies have recouped some of their previous losses, the market is still fearful.
The crypto fear & greed index has remained at the fear end of the spectrum, which is a shift from the past week’s neutral. Granted, the figure has risen from 27 on Sunday to the current level of 33. Bitcoin, which often sets the pace for altcoins, is back up above $55,000 as bulls eye the support-turn-resistance level of $60,000.
Bitcoin Cash price is back up above the support level of 543.51 after dropping below it in Sunday’s session. Despite the rebound, the altcoin is still significantly below the one-and-a-half-week high of 641.79 that it hit in the past week.
At the time of writing, BCH price was down by 0.05% at 569.00. On a four-hour chart, it is trading along the 25-day EMA and slightly below the 50-day EMA.
At its current level, the outlook is rather neutral. However, for as long as BCH price remains below the crucial level of 600, I hold a bearish bias.
In the immediate term, I expect the altcoin to find resistance along the 50-day EMA at 577.36. Above that level, the bulls will have an opportunity to push it to 596.30 while 600 remains evasive in the short term. On the flip side, 560 and 543.51 are the feasible support zones.
This post was last modified on %s = human-readable time difference 11:21