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Bitcoin Cash Price Analysis: BCH/USD up nearly 10% amid a crypto melt-up

Bitcoin Cash Price Analysis: BCH/USD up nearly 10% amid a crypto melt-up
Yohay ElamYohay ElamFXStreet

Bitcoin Cash is trading around $235, up nearly 10% on the day. Cryptocurrencies are rising fast across the board with Bitcoin topping $7,000 and Altcoins beating the granddaddy of digital assets.

The break of ETH/BTC to the upside is a bullish sign for cryptos that are lower down the list in terms of market capitalization. The impact of coronavirus on cryptocurrencies is somewhat mixed. On the one hand, printing of money by governments is supporting digital assets. On the other hand, the sell-off in markets has also adversely impacted cryptos, including Bitcoin Cash.

The swing low of $216 is the first support, and it is followed by the daily low of $206. Resistance is at the daily high of $238, followed by $246, a peak from earlier this week. 

Author

Yohay Elam

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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