- Bitcoin Cash renews the uptrend with a jump above $400.
- Bitcoin Cash bulls struggle to beat the seller congestion at $425 in readiness for gains aiming for $500.
- Tether (USDT) is set to launch on the Bitcoin Cash blockchain.
Bitcoin Cash price recently explored the downside under $400 following a sharp drop from highs close to the ‘big’ $500. The immense selling pressure at the $500 zone could not permit the bulls to push their action higher. Instead, Bitcoin Cash tumbled in search of balance before attempting another assault on the level.
Development in terms of recovery has been very forthcoming in a couple of days after BCH downside took a breather at $375. Aiding in the support was the 200SMA in the 4-hour timeframe. BCH/USD is back in the limelight above $400 and focused on sustaining gains above $425.
Technical analysis shows that the crypto is back in its bullish phase with the next milestone at $500. The bullish divergence of the MACD puts the bulls largely in control of the next direction BCH will take. Upside momentum is also supported by the RSI’s recovery from levels around 30. If the indicator crosses above 50 (average) and continues in the upward direction, Bitcoin Cash price could eventually smash past the key levels at $440, $480 and $500. Meanwhile, bulls must concentrate on defending support at $300 to avoid losses that could retest $375 support area.
Tether to launch on Bitcoin Cash blockchain
The leading stablecoin in the industry, Tether (USDT) is likely to launch on BCH blockchain according to Bitcoin.com CEO, Roger Ver. Ver said that Tether has been attractive to many users around the world, even in China where activities regarding crypto (accept mining) have been restricted.
There's already a couple of stablecoins on Bitcoin Cash but the world's biggest stablecoin so far has been one called Tether. [...] A little birdie told that that's about to launch on top of Bitcoin Cash and SLP as well.
BCH/USD 4-hour chart
-637176789040172947.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Vitalik Buterin slams controversial gambling project ZKasino following scam allegations
Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.
Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop
Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.
XRP price capped at $0.55 despite retail holdings nearing all-time highs
Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security.
Binance founder Changpeng Zhao could face three-year jail time
US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?