- BCH/USD is changing hands at $480 while hammering profusely at the 50% Fibo resistance.
- Coinbase crypto index fund product customers will move to new Coinbase Bundle product.
Bitcoin Cash bottomed out last week breaking below the lifeline support at $500. The crypto traded lows of $427 before the buyers entered and pushed the price above $440. However, BCH/USD was stuck in a range below $460. Consequently, the market turned bullish on Monday 15 morning (GMT) as technical levels gave in to a spike. At the same time, speculation in the market is on the rise amid Tether (USDT) selloff.
A break above the moving average triggered more gains above the bearish trendline. Further gains broke above $500 but the trend turned bearish marginally below $520. At the time of press, BCH/USD is changing hands at $480 while hammering profusely at the 50% Fib retracement level with the last swing high of $536 and a swing low of $427. Indicators like the RSI have retracted from the overbought zone and the MACD is ranging at +7.9.
Looking the chart of BCH/USD, the path of least hindrance is to the north while a break above the 50% Fib level will open the way for more gains back above $500.
In other news, the largest exchange in the U.S., Coinbase has confirmed that it is moving on with the shutting down the investment index fund product that mainly targets institutional clients. The exchange’s spokesperson told Coinbase that the product will not be operation by the end of October. The crypto index fund product was launched earlier this year. Significantly, the customers in this bracket are encouraged to shift to the new product, Coinbase Bundle. The news regarding the closing of the product first appeared on The Block, a news website.
“After assessing demand from retail, accredited and institutional investors, Coinbase has decided to shut down Coinbase Index Fund. We will focus on providing diversified exposure to all investors through Coinbase Bundle,” the spokesperson explained.
BCH/USD 1-hour chart
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