Bitcoin Cash price analysis: The only way is up for now; Bitpay’s Flow.io partner accepts BCH payments

Bitcoin Cash has rejected the support at $600 during the Asian trading hours on Friday. The declines continued in the European trading hours. But technical indicators show that the crypto is likely to recover from the trip downstream. The stochastic is pointing up, although still in the oversold. It is possible that the sellers feel exhausted and are willing to let go of control as the buyers battle for entry above $590.

The price is dancing with the 23.6% Fib retracement level with the last drop from $666.94 and to $563.91 at $588.28. The trendline support is also providing anchorage slightly below the Fib level. BCH/USD is also range-bound with the upper limit resistance at $603.29 (supply zone), which also coincides with the 38.2% Fib level and the bearish trendline on the 15-minutes chart. If Bitcoin can manage to find a support above this level, recoil towards $620 (upper supply zone) will occur as the buyers psychologically eye $650 and $700 in the medium-term.

In other news, Bitpay has partnered with Flow.io, a cross-border e-commerce platform that has a presence in over 200 countries. The integration will allow customers to pay using BCH. Flow.io is expanding its business model to include cryptocurrency payments. The Chief Commercial Officer at Bitpay, Sonny Singh said with regards to the partnership:

“As an addition to Flow’s platform, bitcoin and bitcoin cash are ideal for international e-commerce payments making it easy to buy and sell goods from countries where traditional forms of payment are unavailable.”

BCH/USD 15-minutes chart