RATE Group | Bitcoin Cash Price Analysis: BCH/USD Could Accelerate Higher
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Bitcoin Cash Price Analysis: BCH/USD Could Accelerate Higher

23 Jul Bitcoin Cash Price Analysis: BCH/USD Could Accelerate Higher

Posted at 06:36h in Bitcoin News by

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Key Points

  • Bitcoin cash price formed a support base near $740 and bounced back against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $790 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair broke the $800 resistance and the 100 hourly simple moving average to gain traction.

Bitcoin cash price is positioned nicely above the $780 level against the US Dollar. BCH/USD is likely to accelerate higher towards the $850 and $880 levels.

Bitcoin Cash Price Trend

After a major downside move, bitcoin cash price found buying interest near the $740 and $750 levels against the US Dollar. The BCH/USD pair started an upward move and broke the $780 resistance. The price also broke the 23.6% Fib retracement level of the last drop from the $890 high to $740 swing low. It opened the doors for more gains and the price traded above the $800 resistance and the 100 hourly simple moving average.

More importantly, there was a break above a key bearish trend…

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