Bitcoin Cash price analysis: BCH/USD gaining traction as “eat BCH” charity program in Venezuela feeds the citizens and their children
|- “eat BCH’ program is organized by a group of individuals to feed the citizens of the hunger-stricken Venezuela.
- There was a slight break above $716 before the price began a minor downward correction.
Bitcoin Cash price failed to gain enough momentum to propel it above $720 but instead embarked on a downside movement only to find support at $680 level. BCH/USD is currently gaining traction towards $700 level; however, there is a growing resistance at $695 zone.
In other news related to Bitcoin Cash, there is an ongoing P2P electronic cash-to-food system in Venezuela dubbed “eat BCH” that is revolutionizing charity and feeding the needy. The program is organized by a group of like-minded individuals and has been getting a lot of BCH to go towards feeding the citizens and their children.
Since the economy of Venezuela started deteriorating, there have been a growing number of people who are suffering due to lack of food and water. The local currency, the Bolivar has no value and people have now found a way to help the citizens using cryptocurrencies like Bitcoin Cash. Cryptocurrency mining is also gaining popularity in the country as people seek alternative means to earn an income.
Bitcoin price technical picture
After the recent decline, BCH/USD is now trading comfortably above $680 support level (100 SMA). The upside movement was capped in the zone between $716 -$720. There was a slight break above $716 before the price began a minor downward correction. The 38.2% Fib retracement level with the last swing high of $716 and a low $625 acted as the support during the minor decline. The 23.6% Fibo is currently the short term resistance level $695. On the downside, the most significant support is at $625 level.
BCH/USD hourly chart
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