Bitcoin Cash stalls at 50-day SMA, eyes breakout to $650
Bitcoin Cash price (BCH) has climbed above the 21-day simple moving average (SMA) but remains capped by the 50-day SMA near $553. Since late October, bulls and bears have battled at this key resistance. A decisive break above the 50-day SMA could open the door to targets at $615 and $650.
On the daily chart, BCH has traded between two downward-sloping moving averages, with heavy selling pressure evident around $580. On the 4-hour chart, however, BCH has formed an upward bias, trading above the 50-day SMA and overcoming the 21-day SMA resistance, signaling growing bullish momentum.
Key resistance levels sit at $600, $650, and $700. Key support zones lie at $500, $450, and $400. Traders should watch the 21-day SMA near $520 and the 50-day SMA near $553. A sustained rally above $553 would confirm a bullish trend, while a drop below $520 could trigger deeper retracements.
Bullish
The unified analysis points to a bullish outlook for Bitcoin Cash. Both articles highlight that BCH has broken above the 21-day SMA and is challenging the 50-day SMA near $553. On the 4-hour chart, upward-sloping moving averages and a successful retest of support indicate growing buying momentum. A clear breakout above the 50-day SMA could drive prices to the $615 and $650 targets. While a failure to hold the 21-day SMA support around $520 risks a deeper retracement, the current technical setup favors bulls in both the short term and potentially the medium term. Traders are advised to monitor SMA crossovers and key levels closely for confirmation.