BCH price appears ripe for a breakout past the resistance level of $605 after rebounding from below the crucial level of $550 in the past week. According to CoinMarketCap, the crypto’s trading volume has dropped by 5.47% over the past 24 hours.
On a broader perspective, the global cryptocurrency market cap has risen by 1.97% during the same timeframe. A continuation of the bullish momentum may have the altcoin retest October’s high in the course of the new month.
BCH price outlook
Bitcoin Cash has been within a tight range since late last week. After rebounding from a plunge below the crucial of 550, the altcoin has been trading between 573.44 and 605.49. Notably, the bulls attempt for a breakout on Tuesday were unsuccessful. However, they are at it again on Wednesday’s session.
At the time of writing, BCH price was up by 1.06% at 605.44. On a four-hour chart, it is trading above the 25 and 50-day exponential moving averages.
Despite the subtle price action recorded in recent sessions, I hold a bullish bias on the crypto. In the near term, it will likely find support along the 25-day EMA at 592.56.
If the bulls manage to break the resistance at around 605, the next level to watch will be at 624.61. Subsequently, a pullback may have BCH price return to the aforementioned horizontal channel while holding steady above the key level of 550.
