- Bitcoin Cash price stabilizes, after the bout of selling pressure over the weekend.
- Buying was seen to take BCH/USD back above $900, resistance seen at $950 and then $1000.
- Bears may have just taken paws of the gas temporarily, before further commitment.
The Bitcoin Cash price after receiving a battering over the course of the weekend, manages to stabilize around the $900 mark. On Monday, BCH/USD was trading marginally in negative territory, thanks to some buying at support of $895.
Over the course of the past two sessions, BCH/USD dropped over 20%, falling from $1150 down to lows of $892, before bouncing back above $900. Given the heavy sell-off in such a short period, it isn’t too surprising to see the bears take their foot of the gas, before further commitment.
A small bid as mentioned has been seen to take the price back above $900, however resistance is seen within the near-term around $950 on the 1-hour chart. Further to the upside, problems may be seen heading into $1000. Support seen between $892-95 and then $869, lows of 26th May.
BCH/USD 60-minute chart