Bitcoin Cash price analysis: Resumes uptrend, eyes glued on $700
|- Bitcoin Cash started the week’s trading with lower corrections below $700, but $692 support came in handy.
- The upside is currently limited below $697, but $700 is well within reach while the key intraday resistance is at $707.08.
Bitcoin Cash correct higher towards the end of the weekend. However, it commenced the week making lower corrections that virtually canceled all the gains made since Friday. Several support zones have given in to selling pressure today at $710, $700 and the 23.6% Fib retracement level with the last high leg at $718.96 and a low of $688.32 at $695.58.
The price plunged further below the current weak support at $695 but luckily the bulls entered slightly above $692. A weak recovery is underway, besides the price has cleared the 23.6% Fib resistance. The bulls have their eyes on $700 (38.2% fib level) in the short-term while upper supply zones at $701.26 and $707.08 are in sight.
The moving average gap on the 15-minutes chart is narrowing to show that the bulls are regaining control. Similarly, the bullish trend is also confirmed by the stochastic, which has left the oversold region and is advancing upwards. Bitcoin Cash must clear the resistance at $697 in order to curve a path towards and beyond $700. In the meantime, the 23.6% Fib retracement support mentioned above must continue holding to avoid another breakdown to $690.
BCH/USD 15-minutes chart
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