Bitcoin Cash Price Analysis: BCH/USD Rocketed To Consolidate Above $700, Price Battling To Balance Above $750 level

• Bitcoin Cash is flirting with 61.8 percent Fib retracement level with the last swing high of $852 and a low $600.
• The major support level for BCH/USD is at the pivotal $700 (200 SMA).

There was an upside corrected higher due to the aggressive bullish momentum in the cryptocurrency market. Bitcoin Cash upside movement was initiated close to $655 level and the price traded above key hurdles at $680 and $700 respectively. The buying pressure continued through the sessions on Thursday breaking the next resistance level at $720.

Bitcoin Cash price is up 11.72 percent in the last 24 hours, although the upside has been capped below $770. Currently, Bitcoin Cash is flirting with 61.8 percent Fib retracement level with the last swing high of $852 and a low $600. There is a growing bullish momentum near $755 as the indicators show averaging conditions. The RSI, on one hand, is ranging inside the upper level the Stochastic, on the other hand, is sitting comfortably in the middle of the positive regions.

On the downside, the 50 percent Fib retracement level is working as an immediate support level close to $725, however, the major support level for BCH/USD is at the pivotal $700 (200 SMA). The 100 SMA will support the price if it reverses the trend and trades below $700 close to $650 zone.

BCH/USD hourly chart