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  • The region at $780 is a significant hurdle towards the coveted $900.
  • BCH/USD is embracing the support from the 50 SMA.

Bitcoin Cash price is locked within a range that was covered in the price analysis on Friday 6 last week. The upper limit of the range is at $816.51 while the lower limit rests at $653.63. There was a brief sharp ascent over the weekend with a support (demand zone) at $750. BCH/USD smashed the resistance at $760 but lost momentum at $770 settling shortly above $760 before descending further towards $740.

The virtual currency has been supported by the 50 SMA since the start of the trading session on Monday. The 100 SMA is also offering support at $740, moreover, there is a bearish momentum gathering strength on the chart at the time of writing. On the upside, the 38.2% Fib retracement level with last high leg at $909.84 and a low of $655.67 is limiting intraday gains close to $750. The region at $780 is a  significant hurdle towards the coveted $900.

Technical indicators on the 1-hour timeframe chart show that Bitcoin Cash is likely to embark on an upward journey towards the $780 hurdle in the short-term. The stochastic RSI is moving north towards the 40 mark while the moving average gap is narrowing, both of which could signal for more buying entries. BCH/USD is embracing the support from the 50 SMA and the 100 SMA as mentioned above. However, the case of extended bear pressure, $720 will be very instrumental in stopping declines.

BCH/USD 1-hour chart