Bitcoin cash price analysis: Late breakout but not the laggard
|- BCH only gainer of the day.
- The breakout can result in a stellar rally.
Bitcoin cash, which was late in joining the bandwagon of breakouts of all the cryptocurrencies that started earlier this month, quickly joined them this week and has a clear message for the bulls - Long way to go before it stops.
BCH/USD up about 0.5 percent at $1,130.7 and up nearly 45 percent for the week already - not a hallmark of a laggard. Momentum indicators do suggest though, that some pause, correction is likely before the rally resumes.
Bitcoin cash broke out of a falling wedge, similar to its bigger peer and the largest crypto, Bitcoin. The targets for this breakout are all the way towards $2,100, which is nearly double from current prices. Immediate support now is at $1,072 and $993 while resistances around $1,204 and $1,284.
BCH/USD daily chart:
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