Bitcoin Cash price analysis: BCH/USD strongly defends key support as Gemini exchange hints BCH listing

• Bitcoin Cash revamped the trend following a dip to $516.
• BCH/USD is hammering on $540 while the downside is supported at $530.
• Gemini exchange has received regulatory approval to list BCH but it is yet to set a date for the listing.

The market is currently a sitting duck waiting for either the bulls or the bears to attack. Bitcoin Cash is among the few digital assets dancing in the green on Monday. BCH/USD resumed the uptrend after the lower correction during the weekend slowed down at $516. Bitcoin Cash buyers, intent on recovering the losses, pulled the price above $530. In fact, there was a retracement above $540 but the upside was capped at $542.

At the same time, subtle corrections from the intraday high have been protected above the key support at $530. Likewise, the 50 simple moving average has played a vital role in providing support as the buyers hammer on the critical resistance at $540. In the interim, Bitcoin Cash is trading at $538 while the trend is in favor of the bulls.

The 100 simple moving average is also offering immediate support currently at $536 (15′ chart). Technical indicators like the RSI are sending bullish signals, besides, if the price remains supported above the trendline, BCH/USD could increase the gains above $540 and eventually hit $550.

Looking at the chart of BCH/USD, the crypto is primed for gains in the short-term. However, the upside movement depends on the bulls’ ability to break $540 resistance. If they do break above this level, the price is likely to recoil towards $550 and beyond.

In other news, the U.S.-based Gemini exchange announced the intentions to list Bitcoin Cash (BCH) as a tradable asset. The exchange said via a tweet that it has received all the regulatory documents in approval for listing BCH. However, they are yet to set a date for the launch. Litecoin (LTC) is expected to start trading on the platform on October 13. Therefore, BCH trading could follow shortly after. In the meantime, traders can exchange Bitcoin (BTC), Ethereum (ETH) and Zcash (ZEC) on Gemini.

BCH/USD 15′ chart