- Bitcoin Cash price must break above $665 to gain the momentum towards $700.
- The immediate support level $625 could give in, in case of further declines; next handle is $600.
Bitcoin Cash price is trading amid increasing selling pressure on Monday. The bearish momentum has been carried forward to this week from the weekend session. There were sharp declines in Bitcoin Cash price where the currency traded below $630.
An upward correction is in progress, however, the upside movement has been capped well below $700. Besides, the price has broken above the 23.6% Fib retracement level of the last decline at $625 and a swing high of $763. There is a growing bullish trend near $665 while the upside will encounter resistance at 50% Fib retracement level of the last decline of $625 and a swing high of $763.
Significantly, BCH/USD will face increasing resistance as it retraces higher around $700 level. However, Bitcoin Cash price has to break above the short-term resistance at $665 (close to the 100 SMA) to gain momentum towards $700. On the downside, the immediate support level at $ 625 is not very strong while the next handle is at $600.
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