Bitcoin Cash price analysis: Fireworks ahead of hard fork
|- Bitcoin Cash rises 9.6% ahead of hard fork.
- The MACD is advancing into the positive territory.
The Bitcoin Cash comminuted showing the excitement for the November 15 hard fork with Bitcoin Cash adding a whopping 9.6% on a single day. While Ripple (XRP) has started trimming the intraday gains, Bitcoin Cash buyers are still increasing their presence and entries in the market. The price has zoomed past $600 and is currently exchanging hands at $615.
The upside trend emerged on Sunday this week where the crypto correction from the support at $430. Prior to this move, Bitcoin Cash had declined below $410 forming a support at $408. The trading last week was generally boring because of the low trading activity. The brief surge made it above $540 hurdle before grinding to a halt at 590. There was a consolidation in the range with the upper limit at $590 and a lower limit at $540.
The trading on Tuesday has ignited a bullish move above the range and is still positive with the next target at $520. Applied indictors on the website show buying signals are positive and strong. The MACD is advancing into the positive territory, at the same time, the RSI at 90.9 confirms the bull rally.
A broader look at the chart, shows that Bitcoin Cash will remain unstoppable past $620 and $630. The medium-term target is at $650 and the ultimate resistance at $700. As long as the price is kept above the trendline support, BCH/USD will continue trending above $600. The support at $580. Moreover, previous range support at $540 will prevent declines heading to $500.
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