Bitcoin Cash price analysis: BCH/USD defies bear pressure to retest the critical resistance at $800
- A support above the current resistance at $800, is likely to pave the way for higher corrections towards $900.
- Bitcoin Cash trading volume almost doubles in 24 hours, but the market capitalization records a slight increase.
Bitcoin Cash is bullishly retesting the key resistance at $800, although the surge that took place yesterday lost momentum at this same level. As I mentioned in the analysis on Monday 16, $800 is a breakout that could see BCH/USD revisit $900 and eventually $1,000 in the medium-term. However, this can only happen if the buyers can find a support above $800.
Slightly above $800, the price will come face to face with the resistance from the 50% Fib retracement level with the previous high leg of $957.26 and a low leg of $655.50. Moreover, the zone at $840 will be a key hurdle towards $900. The trend is still bullish at the time of writing while BCH/USD is trading at $794.
Bitcoin Cash price is up over 4% in the last 24 hours, but it has corrected slightly lower; a subtle 0.78% on the day. Its trading volume has gone up by a considerable margin from $322,284,000 on July 15 to $534,068,000 traded on July 16. The effect is reflected by a slight increase in the market capitalization from $12.1 billion to $12.4 billion in the same period.
In the meantime, the Bulls also appear to be consolidating the gains as they gather momentum for higher retracements. $780 is highlighted as a short-term support, although a stronger support exists at $760.