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  • BCH/USD continues growing but momentum is fading.
  • Binovo announced support for Bitcoin Cash, promoting its mass adoption.

Bitcoin Cash (BCH) continued moving upwards and touched $589 on Thursday. While the price retraced to $556 by the time of writing, BCH is still trading with over 6% gains $553 day-on-day.  Bitcoin Cash has a market value of $9.6B and an average daily trading volume $1B which twice as large as the mid-term average figures.

What’s behind the move?

The coin received strong support from the news that the New-York based cryptocurrency exchange Gemini might add BCH to the list of tradable instruments. Bitmain’s IPO story also added to the bulls’ optimism as the company is a large holder and a loyal supporter of Bitcoin Cash.

Bitcoin Cash technical picture

From the technical point of view, the first local support is seen at $534 (50% Fibo retracement for the downside movement from September 2 high). It is followed by  psychological $500 handle, strengthened by 200SMA (4-hour chart). If BCH goes lower, the sell-off will continue towards the next targets at $484 and $461 (SMA50 and SMA100 respectively).

On the upside, BCH/USD will need to climb above $570 handle to continue the upside towards $600.

BCH/USD, 4-hour chart