We believe that Bitcoin Cash is trading in a range whose resistance is at $1,600. The support of the range is still undecided. It can either be $750 or closer to $620.
Currently, the cryptocurrency is struggling to sustain above the downtrend line. If the bears succeed in breaking below the May 28 lows of $878, a slide to $750 is probable. This should offer some support, but if this also breaks, the next support is at $620.
If the $878 level holds, the BCH/USD pair can remain range bound for a few days. We don’t find any reliable buy setups at the current levels; hence, we are not recommending any trade on it.