BCH price has rebounded from Monday’s low, a trend observable in most of the other cryptocurrencies. Bitcoin, which tends to set the trend for altcoins, has bounced back above the support zone of $60,000 after dropping below it on Monday.
Similarly, ETH is hovering around $38,000 after falling to an intraday low of $3,675.49 in the previous session. Litecoin and other altcoins are on a similar trajectory.
BCH price outlook
Bitcoin Cash is holding steady above the support level of 600 as the bulls strive to retest the weekend’s high of 650. Since the beginning of the month, it has risen by about 22% having extended its rebound from below the psychological level of 500 late in September.
At the time of writing, BCH price was up by 1.12% at 618.34. On a four-hour chart, it is trading slightly above the 25 and 50-day exponential moving averages. Besides, the formation of an inverted head-and-shoulder pattern, which is a bullish pattern, points to further gains.
In the short term, BCH price will likely hold steady above the support zone at 600 while gathering enough bullish momentum to reach and surpass the next target at 650. Above that zone, the next level to watch out for will be the prior resistance level at 675.61. However, this thesis will be invalidated by a move below the support zone of 600.
