RATE Group | Bitcoin Cash Price Weekly Analysis: BCH/USD Rally Could Extend above $650
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Bitcoin Cash Price Weekly Analysis: BCH/USD Rally Could Extend above $650

02 Sep Bitcoin Cash Price Weekly Analysis: BCH/USD Rally Could Extend above $650

Posted at 06:21h in Bitcoin News by

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Key Points

  • Bitcoin cash price jumped higher and broke the $540 and $600 resistance levels against the US Dollar.
  • There was a break above a major bearish trend line formed with resistance near $560 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair surged above the $600 and $620 levels, and now it could rally past $650.

Bitcoin cash price climbed higher sharply above $600 against the US Dollar. BCH/USD may correct lower, but dips remain supported for more gains above $650.

Bitcoin Cash Price Trend

After trading above the $500 level for quite some time, there was a sharp upside move in bitcoin cash price against the US Dollar. The BCH/USD pair rallied and broke many resistances on the way up like $540, $580, $600 and $640. More importantly, the price is now trading well above the $550 pivot level and the 100 simple moving average (4-hours).

During the rise, there was a break above a major bearish trend line formed with resistance near $560 on the 4-hours chart of the…

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