Bitcoin Cash price analysis: This breakout will last some more
- BCH breaks out on the short and long term charts.
- Has enough room to runaway.
Bitcoin Cash, the separated cousin of the largest cryptoucrrency Bitcoin, has broken out of certain critical resistances on the short term as welll as long term charts, which can easily take prices higher by 20-30 percent in the next few weeks.
BCH/USD is up more than 5 percent on day at $650.866 and not far off from day's high of $660. On the 120-minute chart, BCH broke out of a horizontal trendline resistance on Saturday and now doesn't have any strong resistance before $700.
On the daily chart too, bulls were able to take off descending trendline barrier that didn't allow it to cross past it since June this year and now should be able to target $700 and $880 in the next few weeks.
BCH/USD 120-minute chart:
BCH/USD daily chart:
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Author
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.
