Bitcoin Cash rallies over 8% after Binance announced support of Bitcoin Cash hard fork

Bitcoin Cash price held decent gains of around 7%, after spiking to the upside in afternoon trading.
Binance announced through their blog, they will be supporting the Bitcoin Cash hard fork.
Within 3 hours of trading BCH/USD rallied some 8%, following the news.

Ken Chigbo Independent Analyst

BCH/USD 60-minute chart

Spot rate: 457.5

Relative change: +7.22%

High: 463.2

Low: 425.2

Trend: Neutral

Resistance 1: 463.0, resistance on 60-minute.

Resistance 2: 467.8, 18th October.

Resistance 3: 470.0, supply zone.

Support 1: 456.3, support on 60-minute.

Support 2: 443.1, demand area.

Support 3: 431.5, on top of bull flag.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs.

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.

Legal Text

Markets move fast. We move first.

Editor's Picks