Bitcoin Cash price has eased on its rebound from the previous session’s low. The bulls are gathering momentum to reach the crucial level of $700 as they eye August’s high of $715. The cryptocurrency is one of the altcoins that have failed to efficiently ride the wave triggered by Bitcoin’s move past $50,000.
Ethereum price is trading along the month’s highest level at around 3,350. However, Dogecoin is 8.53% lower than its highest level in August. Even with its eased movements, Bitcoin Cash price remains above the 200-day EMA.
Bitcoin Cash price technical analysis
BCH/USD is finding support at 680 after rebounding from Sunday’s low of 652.93. Over the weekend, it hit the crucial resistance level of 700 before pulling back. At the time of writing, it was up by 2.22% at 687.34.
On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages. Besides, it has been trading steadily above the long term 200-day EMA since late July. For as long as it remains above the 200-day EMA, the ongoing bullish sentiment will remain.
In the ensuing sessions, the bulls will be eyeing the month’s high f 715.35. However, in the near term, the altcoin is likely to face resistance at the psychological level of 700.
On the lower side, it will probably continue to find support along the 25-day EMA at 677.25. A further decline may place the support level at Sunday’s low of 651.89 before rebounding.