Bitcoin Cash price analysis: BCH/USD recovers from the abyss, but upside capped below $770

• On the upside, the 50 SMA is limiting gains at $745, but buyers are battling to stay above $740.
• Bitcoin Cash price is currently a sitting duck waiting for either the sellers or the buyers to attack.

Following the overarching declines on Friday last week, Bitcoin Cash staged a recovery over the weekend. The support zone at $680 gave in to selling pressure where Bitcoin Cash price declined further only to find another support above $665 (current demand zone). The bulls entered pushing the price above $700 and even broke past the key resistance at $760 before running into pressure from the sellers.

The crypto is forming a brief bullish flag pattern inside the rising wedge pattern that is shaping up on the 15′ timeframe chart. The 50 SMA is offering immediate resistance slightly above $745, but the key intraday resistance lies at $760. BCH/USD must overcome the resistance at this level, to allow the buyers to gain momentum to attack higher levels at $780 and $800 respectively.

Bitcoin Cash price is currently a sitting duck waiting for either the sellers or the buyers to attack. The buyers lack the momentum to push the price higher but they are battling to keep the support at $740 and stay away from declines. The short-term bullish trendline is supporting the price at $745 while the 100 SMA will halt declines in the event the Bears influence gains traction below $740.

BCH/USD 15′ chart