Bitcoin Cash price is wavering below the support-turn-resistance level of 650 as the bullish sentiment begins to fade. While BTC/USD is still above the crucial support level of $600, the buyers entering the market are not enough to push it to the weekend’s high of $700.
Notably, the crypto market still exhibits optimism. According to the crypto fear & greed index, greed remains the key emotion driving the market. Wednesday’s reading of 73 is lower than that of the prior session at 79. However, it remains significantly higher than last month’s 26 when fear gripped the market.
Bitcoin Cash technical outlook
Bitcoin Cash price has eased after its decline in the previous session. The crypto is trading sideways while finding resistance at 650. At the time of writing, it was up by 1.3% at 645.50. Since hitting the crucial level of 700 on Friday, it has failed to gather enough bullish momentum to retest the resistance level.
On a four-hour chart, BCH/USD is trading below the 25 and 50-day exponential moving averages. In the ensuing sessions, I expect the crypto to remain above the psychological level of 600 as the bullish sentiment buoys the asset class.
In the near term, Bitcoin Cash price will likely trade within a horizontal channel of between 620 -Thursday’s low – and the current resistance level of 650. The bulls may manage to push it to along the 25-day EMA at 663 before pulling back to around the 650 resistance zone.