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  • Bitcoin Cash broke free from the range and touched $570, the highest level since September 27.
  • Bitcoin Cash hard fork may prove to be supportive for the coin.

Bitcoin Cash, the fourth largest digital asset with market value $9.4B, catapulted to $570 on Monday before retracing to $548 by press time. The coin has registered a strong increase of trading volumes (from $200M on Friday to over $1.4B on at the time of writing).

Bitcoin Cash hard fork is looming

Now the Bitcoin Cash community is getting ready for its own hard fork scheduled on November 15 and accompanied by a hot internal dispute.

Thus, Craig Write that once claimed that he was true Satoshi and some Bitcoin Cash miners headed by Coingeek pool support nChain’s Bitcoin SV client. They insist that this software reflects the true vision of Bitcoin’s creator.  

However, Bitcoin SV is not compatible with “” Bitcoin ABC, which is the most popular client for full nodes in BCH network. TThis client is allegedly supported by Bitmain creator Jihan Wu. Many observers believe that this stand-off can break Bitcoin Cash network in two chains.

Binance and OKEx exchanges announced that they would support the upcoming hardfork.

Bitcoin Cash technical picture

Looking technically, BCH/USD is trading well above DMA50 at $477), which is a positive signal for the Bitcoin Cash bulls. However, the Relative Strength Index is starting to reverse from the overbought territory, implying that the downside correction is coming. The first support lies with psychological $500 handle. Once it is broke, the sell-off may continue towards the above-said DMA50 and to the lower border fo the recent channel created by a congestion zone $417-$400.

On the upside, the short-term resistance is created by the recent high of $570. A sustainable movement higher will take us to $600 and to $660, which is the highest level since the beginning of September.

BCH/USD, the daily chart