Bitcoin Cash price is hovering at around $650 after declining in the previous session. The bulls failed to gather enough momentum to push the crypto to $700 over the weekend. The market appears to be in the profit-taking mode as the month comes to an end. However, it remains above the crucial support level of $600 as has been the case for the past three weeks.
According to CoinMarketCap, the global crypto market cap is down by 0.53% from the previous session. Nonetheless, it is still above $2 trillion. As for Bitcoin Cash, its trading volume has dropped by 10.02% over the past 24 hours.
Bitcoin Cash price technical outlook
BCH has extended Sunday’s losses even as it remains above the crucial support level of 600. In the previous session, it rose to an intraday high of 692.89 as bulls attempted to retest the resistance level at 700. Subsequently, it dropped by about 5.85%.
At the time of writing, Bitcoin Cash price was down by 1.1% at 652.31. On a four-hour chart, it is trading slightly above the 25 and 50-day exponential moving averages. In the immediate term, I expect the crypto to continue finding support along the 25-day EMA at 646.90.
It will likely trade within a tight range with 670.92 being the horizontal channel’s upper border. Amid the profit-taking mode, the bulls may lack enough momentum to push the price past the resistance level of 675 in the immediate term. On the flip side, a move below the current support level will place it at 625.