We had recommended a long position on Bitcoin Cash in our previous analysis at $779. For the past four days, the digital currency has entered into a tight range. If the bears manage to sustain prices below $778.2021 levels, we may see a range bound action.
If the BCH/USD pair bounces off the 20-day EMA at $765, a rally to the 50-day SMA at $945 is possible.
The 50-day SMA has not acted as a major resistance previously, hence, we expect a rally to $1114 levels.
Our bullish view will be invalidated if the lows of $619.7510 are broken. Hence, we have propose a stop loss at $610.