Bitcoin Cash (BCH) Holds Above $600, Eyes $720 if $660 Resistance Breaks
Bitcoin Cash (BCH) has resumed and sustained a bullish structure, trading above its upward-sloping 21-day and 50-day moving averages after breaking the $600 level on January 3. Price reached intraday highs near $650–$668 before pulling back and re-establishing support around $600–$620. Short-term 4-hour action shows range-bound trading with long upper wicks, indicating selling pressure at higher levels. Key resistance to watch is $660; a decisive break above this level, confirmed by rising volume, could open a potential target near $720. Immediate support zones are $500, $450 and $400. Technical indicators remain cautiously bullish (21-day SMA above 50-day SMA and upward-sloping moving averages on shorter timeframes), but extended wicks and signs of short-term overbought conditions suggest a pullback is possible if buyers fail to clear $660. Traders should monitor price action around $660 and volume for confirmation before committing to breakout trades. This is a technical-readout and not investment advice.
Bullish
The combined coverage shows BCH maintaining an overall bullish structure: higher highs and higher lows, price above the 21- and 50-day SMAs, and short-term moving averages sloping upward. These are classic technical signals that favor further upside. The immediate catalyst to extend gains is a decisive break above $660 with confirming volume; if that occurs, the path toward the $720 target becomes plausible. However, multiple indications of near-term selling pressure—long upper wicks at recent highs and signs of short-term overbought conditions—mean pullbacks are likely if $660 holds. For traders, the practical implications are: favor long bias on confirmed breakouts above $660 (ideally with volume), keep stops below the $600–$620 support band, and be prepared for short-term mean reversion or consolidation if momentum stalls. Overall, on balance the technicals point to a bullish outcome for BCH’s price action provided resistance at $660 is cleared, which justifies the ’bullish’ classification focused solely on BCH price impact.