Ken Chigbo
Independent Analyst
- Bitcoin Cash rallies 20% on Monday, highest levels traded in over two months.
- Resistance zone for BCH/USD, seen ranging from $1600-1750, support back at $900.
The Bitcoin Cash price is seen flying during trading on Monday, holding on to chunky gains of 20% at the start of the week. There hasn’t anything in terms of news flow to attribute the pump seen for BCH, as the crypto reclaims the $1400 mark.
Momentum to the upside picked up decent pace, after BCH/USD was able to break back and close above the long-running ascending trend line, that has been tracking since August 2017. The move north of this has again opened the door to some upside and a resumption of the upward trend.
BCH/USD technically looks set for continued pump for now, as the price heads towards a potentially heavy supply zone. Bitcoin Cash has managed to reclaim the $1400 mark, last trading here on 20th February. The resistance zone seen above ranges from $1600 – 1750. Support looks quite far back at around $900, where the ascending trend line tracks.
BCH/USD daily chart
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