Bitcoin Cash BCH Price saw Strong Gains

Bitcoin Cash price saw Strong Gains

Bitcoin Cash price saw Strong Gains, but can’t handle the heights of $500 for now.
Bitcoin Cash price on Friday had much wind behind the bull move, as the price ran towards the $500 mark. "Bitcoin Cash BCH Price saw Strong Gains"
Bitcoin Cash BCH bulls’ legs got very much shaky heading back into $500 level, as it failed to sustain heights.

The Bitcoin Cash price saw strong gains on Friday, Increased as much as 6%, as the crypto market retains strong upside momentum across the board. Bitcoin Cash lost some ground heading back into the $500 level, falling just short, seeing selling swoop in.

 Bitcoin Cash BCH Price saw Strong Gains

BCH/USD price action had formed a bearish pennant pattern, which looked set for a breakout to the downside, given the narrowing of price action. However, given the unexpected life being kicked back into the crypto market, the odds which were stacked in favor of the bears were defied.

Technically, given the recent failure of the rather large bearish pattern set up seen for BCH/USD, this puts the ball back in the bulls’ court. The price showed much instability around the session highs, heading back within reaching a distance of the $500 level. An area where the price crashed lower on 10th September by some 15%, down to $410. Immediate support is seen around $480-475, should this fail to hold then $450 will be eyed, otherwise it could be a quick fall back down towards $400.


BCH/USD

Bitcoin Cash BCH has also pulled back along with the other coins seen from coinmarketcap. It has broken out of the 20-day EMA and can now move up to the 50-day SMA, which is just below the resistance line of the descending channel.

A break out of the descending channel will indicate a probable change in trend. The supports to watch out for on the upside are $660 level and above that $880.

If the bulls fail to break out of the channel, the BCH/USD pair might remain stuck between $400 and the resistance line of the channel. Traders should establish a new position only on a confirmed break out of the channel because until then, the trend remains down.

Bitcoin Cash BCH Price saw Strong Gains Bitcoin Cash BCH Price saw Strong Gains Reviewed by mir khaleq ali on 05:08 Rating: 5

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