Bitcoin Cash Market Update: BCH/USD jumped by over 5% in a matter of minutes following Grayscale news

Bitcoin Cash (BCH) broke above local resistance amid strong bullish momentum.
Grayscale announced the launch of Bitcoin Cash Trust on OTC markets.

Tanya Abrosimova Independent Analyst

Bitcoin Cash (BCH) is moving fast towards $230.00. The coin has jumped by over 5% in a matter of minutes amid the global recovery on the cryptocurrency market. At the time of writing, BCH/USD is changing hands at $229.30, and the upside momentum is gaining traction.

The cryptocurrency investment giant Grayscale. received approval from FINRA to launch Grayscale Bitcoin Cash and Litecoin Trusts on OTC markets. It means that retail investors now have access to the vehicles that were previously available only to institutional investors.

With digital currency ETFs still waiting to be approved, these listings offer retail investors exposure to the price movement of Litecoin and Bitcoin Cash through regulated investment vehicles, without having to figure out how to set up wallets or convert fiat into digital currency. These are the first such crypto investment vehicles for Litecoin and Bitcoin Cash available to the public, Grayscale commented in the announcement.

BCH/USD: Technical picture

BCH/USD jumped above 200-hour SMA at $226.60. The development increased the bullish pressure and pushed the price above the upper line of the 1-hour Bollinger Band. A sustainable move above $230.00 will create strong bullish momentum and allow for an extended recovery towards the next psychological barrier of $240.00.

On the downside, the technical correction may take the price to $227.70 (the above-mentioned upper line of the 1-hour Bollinger Band) before 1-hour SMA200 comes into focus. The RSI on the intraday chart points upwards, though it is already deep on the overbought territory.