RATE Group | Bitcoin Cash Price Analysis: BCH/USD Eyeing Gains Above $525
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Bitcoin Cash Price Analysis: BCH/USD Eyeing Gains Above $525

08 Oct Bitcoin Cash Price Analysis: BCH/USD Eyeing Gains Above $525

Posted at 05:36h in Bitcoin News by

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Key Points

  • Bitcoin cash price traded higher recently and moved above the $515 resistance against the US Dollar.
  • There was a break above a crucial bearish trend line with resistance at $512 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is now placed in a positive zone and it could continue to move higher towards $530 and $540.

Bitcoin cash price is slowly moving higher against the US Dollar. BCH/USD is likely to continue higher once buyers gain momentum above the $525 level.

Bitcoin Cash Price Analysis

This past week, there was a significant downside move below the $550 support in bitcoin cash price against the US Dollar. The BCH/USD pair traded below the $540 and $520 support levels. There was even a spike below the $500 level and a low was formed at $498. Later, buyers appeared and pushed the price back above the $500 level. Later, the price gained momentum and moved above the $510 and $515 resistance levels.

There was also a break above the 61.8% Fib…

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