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Bitcoin Cash price analysis: On journey of breaking barriers

  • BCH biggest gainer of the day.
  • Breaks major short term resistances to stay at top.
Bitcoin Cash price analysis: On journey of breaking barriers
Manoj B RawalManoj B RawalIndependent Analyst

Bitcoin Cash is on the journey of its own in Wednesday's trading. It has broken all the major barriers and is now top gainer of the day among all the major cryptocurrencies. Now only major resistance in the way of bulls is the round figure mark of $1,700, crossover of which will take BCH into the orbit.

BCH/USD is now up more than 4 percent at $1,670, exactly at day's high. On the hourly chart, BCH has been able to cross and sustain above two major resistances back to back - one, which is a descending trendline drawn from recent highs of $1,848 and another drawn from last month's low of $1,456.

Now only worry for the bulls is to cross past 1,700 and then journey to recent highs may begin. Supports now stand at $1,615 and $1,536.

BCH/USD hourly chart:

Author

Manoj B Rawal

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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