Bitcoin Cash price analysis: Channel breakout, but key test not passed
|- BCH breaks out of a descending trendline channel.
- Crossover of resistance key to sustain breakout.
Bitcoin Cash, which boasts itself of ambitious aim to surpass its larger cousin Bitcoin in the form of largest cryptocurrency by market cap in the times ahead, has given a channel breakout on the short term charts, but it still faces key resistance that hasn't been crossed in the recent past.
BCH/USD is up 0.35 percent at $703.85 and trading in a narrow band of less than 2 percent for the day. On the hourly chart, BCH has broken out of a descending trendline channel but still faces resistance in the form of another horizontal trendline that the bulls have found it difficult to cross.
Immediate support is now placed at $701 which is upper end of the descending trendline channel while strong resistance exists around $713 which would be tough nut to crack for the bulls.
BCH/USD 60-minute chart:
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