BCH price is struggling to get back above the crucial support level of $500 with the crypto market being in profit-taking mode. For about a week now, the altcoin has been range-bound after heightened fear in the market pushed its price from the resistance zone of $550.
The crypto fear & greed index is at an extreme fear level of 20. In comparison, the level of fear was lower in the past week at a reading of 27.
As the month comes to an end, Bitcoin Cash price remains on a downtrend. Since the beginning of September, the altcoin has declined by 28.07%.
For close to a week now, it has been range-bound between 470.56 and 523.47. At the time of writing, the crypto was up by 2.19% at 495.50. In previous months, the psychological level of 500 was a steady support level. However, over the past week, its stability has been tested with the bears pushing it to this week’s low of 470.56.
On a four-hour chart, it is trading along the 25-day EMA and slightly below the 50-day EMA. In the short-term, the outlook is rather neutral. BCH price will likely remain within the aforementioned horizontal channel. A move below the channel’s lower border may have the bears testing the support level at 450. On the upside, 550 will be the next target.