Bitcoin Cash stalls below $600 after failed breakout; 21‑day SMA key
Bitcoin Cash (BCH) has traded range-bound below the $600 resistance after a failed breakout that briefly reached $631 on December 19. Since November 22 BCH has mostly remained above key moving averages (notably the 21‑ and 50‑day SMAs), giving a short‑term bullish bias, but recent heavy upper wicks and repeated rejections near highs signal strong selling pressure. Current technicals show price bars above upward‑sloping SMAs, yet inability to sustain moves above $600 suggests limited upside. Key resistance levels: $600, $650, $700. Support zones: $500, $450, $400. A decisive breach below the 21‑day SMA would likely shift BCH into a bearish trend; holding it would keep BCH in a confined positive trend. At the time of reporting BCH was trading around $601.35. This is observational technical analysis, not trading advice.
Neutral
The combined reports present a mixed technical picture. Short‑term indicators (price above 21‑ and 50‑day SMAs, upward‑sloping averages) suggest continued bullish bias while the 21‑day SMA holds. However, repeated rejections near $600–$631, long upper wicks, and inability to sustain a breakout indicate strong selling pressure and limited upside. For traders, this implies a range‑bound market: near‑term bounces are possible while the 21‑day SMA holds, but momentum for a sustained rally is lacking until BCH clears and sustains above $600–$650. A confirmed break below the 21‑day SMA (and then the $500 support zone) would increase bearish risk and likely accelerate downside. Therefore the immediate price impact is neutral — bulls retain conditional control while bears cap upside — and traders should watch the 21‑day SMA and the $600 resistance for directional cues.