BCH/USD is unstoppable, gaining over 46% in 7 days; GMO starts mining Bitcoin Cash

0
  • Bitcoin Cash continues growing strongly with $700 in sight.
  • The RSI implies that the downside correction may start soon.
  • GMO Internet Group mined more Bitcoin Cash coins than Bitcoins in October.

Bitcoin Cash, the fourth largest digital asset with market value $11B, is trading at $634 at the time of writing. The gained 13% in the recent 24% and over 46%% in seven days. 

GMO Internet Group started to mine lots of Bitcoin Cash in October, according to the report published by the company. During the reporting period, the company mined 875 BCH and only 512 BTC, while in September the amounts of BCH mining were virtually non-existent.

The Japanese giant seeks to boost its mining capacity and break Chinese monopoly in the industry

“Regarding our mining machines, there has been a delay for part of the electronic components due to the tight global supply-demand balance, which led to the postponement of shipment,” the company detailed.

 

Bitcoin Cash technical picture

Looking technically, BCH/USD is trading well above DMA50 and DMA100, which is a positive sign for the Bitcoin Cash bulls. However, the Relative Strength Index stays in the overbought territory implying that the downside correction is just around the corner. The first support lies with psychological $600 handle. Once it is broken, the sell-off may continue towards the above-said DMA100  at $525 and DMA50 at $486. 

On the upside, the short-term resistance is created by the recent high of $644, followed by critical $700. 

BCH/USD, the daily chart

 

Get the 5 most predictable currency pairs

About Author