- Bitcoin Cash price breaks bullish channel support.
- BCH/USD must retrace above $530 otherwise buyers risk declines towards $500 lifeline support.
Bitcoin Cash performance continues in line with the predictions by the finder.com panel of analysts. The prediction released earlier this month said that Bitcoin Cash will open the month November trading at $513 indicating an 18% growth in a period of 30 days. Consequently, the long-term prediction places BCH/USD at $617 by December 31. This means that the analysts expect Bitcoin Cash to grow by 42% between October 1 and December 31.
Meanwhile, Bitcoin Cash is trading at higher levels from those recorded on October. BCH/USD claimed the support at $500 and came close to trading at $600. The declines that followed at the beginning of last week remained supported above $500 forming a low around $505. The buyers entered and the asset started to correct higher in a bullish channel. The recovery has been slow but steady with Bitcoin Cash trading higher highs and higher lows.
There was a high traded on Monday 8 slightly above $535 but the bulls could not sustain further growth to $540 hurdle. BCH/USD, therefore, trimmed the gains below $530, although it appears to be supported above $525 at the time of press. Indicators are ranging like the RSI at $50% and the 50SMA above the longer term 100 SMA. This means that the buyers still have the power to defend the immediate support ($525). At the same time, they must push for a pullback above $530 to be safe from declines to the next support target at $520. There are other support areas at $520 and $500 respectively.
BCH/USD 60′ chart-636746699066655899.png)
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