RATE Group | Bitcoin Cash Price Weekly Analysis: BCH/USD Could Extend Gains Above $500
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Bitcoin Cash Price Weekly Analysis: BCH/USD Could Extend Gains Above $500

04 Nov Bitcoin Cash Price Weekly Analysis: BCH/USD Could Extend Gains Above $500

Posted at 10:10h in Bitcoin News by

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Key Points

  • Bitcoin cash price rallied recently and broke the $450 and $460 resistances against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $430 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair may correct lower in the short term before buyers push the price above the $500 handle.

Bitcoin cash price is back in a positive zone above $460 against the US Dollar. BCH/USD is likely to extend gains above the $500 level in the near term.

Bitcoin Cash Price Analysis

This past week, there was a strong buying interest noticed around the $410 level in bitcoin cash price against the US Dollar. The BCH/USD pair started an upward move and broke a few important resistances near $420 and $430. It started a solid rally and even broke the $440 resistance and the 100 simple moving average (4-hours). Moreover, there was a break above the $450 resistance and the $460 pivot level.

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

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