- Summary:
- Bitcoin Cash is trading steady above the psychological level of $600 after failing to do so on Tuesday. $500 remains the pivot.
Bitcoin Cash is at its highest level since mid-June. In the previous session, it failed to hold steady above the psychological level of $600. However, the bulls have gathered enough momentum to buoy the cryptocurrency above that crucial level in today’s session.
Since mid-July when Bitcoin Cash hit a two-month low, it has surged by about 57.85%. As long as it remains above the crucial level of $500, which it has done since the end of July, the current bullish sentiment will hold.
BCH/USD technical analysis
Bitcoin Cash is trading at its highest level since mid-June. In the previous sessions, the bulls lacked enough momentum to sustain the prices past the resistance level of 600. Notably, the psychological level of 600 has been evasive since 18th June. After hitting an intraday high of 607.33, the crypto dropped to 573.62. With the subsequent rebound, it reached a high of 615.22 before pulling back.
At the time of writing, it was up by 3.41% at 612.77. On a four-hour chart, it is trading above the 25 and 50-day exponential moving averages. In the near term, I expect Bitcoin Cash to continue finding support along 600. A decline below that point will likely have the bears retesting the support level along the 25-day EMA at 583.66 or lower along the 50-day EMA at 567.17. On the flip side, a move above Wednesday’s intraday high of 615.22 will place the next target at 650.
