BCH price is trading above the resistance level of $560 as the crypto market extend Monday’s gains. Bitcoin, the leading cryptocurrency by market cap, has surpassed the crucial level of $50,000 for the first time in a month. In the previous session, it had dropped to an intraday low of $46,896.75.
A look at various altcoins’ price charts substantiates the correlation between Bitcoin price movements and other cryptocurrencies. Ripple, Litecoin, and Monero are some of the altcoins whose price movement is comparable to that of Bitcoin.
BCH price technical outlook
Bitcoin Cash has moved past the resistance level of 560 after dropping below it in the previous session. On Monday, the altcoin declined by about 7.71% to an intraday low of 530.58. It has since rebounded by 6.52%.
At the time of writing, BCH price was up by 2.62% at 565.12. On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages; which hints at further gains.
In the short term, the crypto will likely remain above the psychological level of 550. In doing so, it will probably continue to find support along the 25-day EMA at 556.14. At its current level, BCH price is in good shape to retest the two-week high of 579.56 that it hit over the weekend. However, it will likely ease at around its current level as it gathers enough bullish momentum to reach the mentioned target.