Bitcoin Cash price is on a consolidation pattern as the bulls strive to push it back above the psychological level of $700. Notably, the cryptocurrency has been trading steadily above the resistance-turn-support level of $600 over the past week.
Prior to hitting that level, the crucial level was an evasive one since mid-June. For as long as the price remains above that mark, the bullish sentiment holds. However, a move below that level will likely have the bears retesting the lower level of $550.
Bitcoin Cash technical outlook
Bitcoin Cash price has extended its losses from the previous session when it dropped below the crucial level of 700. At the time of writing, it was up by 0.24% at 676.43. On Monday, the bulls managed to retest Sunday’s high before easing.
On a three-hour chart, it is trading along the 25-day EMA and slightly above the 50-day EMA. In The near term, the cryptocurrency is likely to consolidate along 678.10. Below that level, it may find support along the psychological level of 650 before bouncing back.
On the upside, increased buying pressure is likely to push Bitcoin Cash price back above the psychological level of 700. If the bulls manage to break the resistance at Monday’s high of 714.86, the next target will be at 750. However, this thesis will be invalidated by a move below 650.