Home Bitcoin News BitCoin Forex Bitcoin Cash price analysis: BCH/USD has a short term breakout but has long term bottomed out?

Bitcoin Cash price analysis: BCH/USD has a short term breakout but has long term bottomed out?

1 min read
0
308

  • BCH breaks out in the short term, just as XRP did.
  • Long term charts too suggesting a trend reversal.

Bictoin Cash, cousin sister of Bitcoin the poster boy, has broken out on the short term charts even as long term price formation seems to be suggesting bottoming out pattern. Although one would be wise to take it one step at a time given that how cryptocurrencies have been behaving all through this year.

BCH/USD is up more than 6 percent for the day at $759.08 after gaining to as high as $786.55. On the 240-minute chart, BCH has broken out of a descending trendline drawn from June highs and immediate strong resistance is now placed just around $800.

On the daily chart too, there’s a visibility of a breakout but as long as bulls are not able to cross past the resistance zone of $800-$900, bears would still have an edge and may continue to put pressure on the prices.

BCH/USD 240-minute chart:

BCH/USD daily chart:

Get the 5 most predictable currency pairs

Let’s block ads! (Why?)


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Guggenheim CIO Says Institutional Demand Not There to Sustain Bitcoin Above $30K – CoinDesk – CoinDesk

Scott Minerd, chief funding officer of the multi-billion greenback funding agency Guggenhe…