- Bitcoin Cash recovered considerably stepping over $600, but lower corrections have had it decline to test $530 support.
- “We are pleased to be expanding our cryptocurrency derivatives offering with the launch of Bitcoin Cash futures”¦,” the CEO of crypto Facilities Timo Schlaefer.
Bitcoin Cash intensified the uptrend during the last weekend. Recently BCH/USD declined to trade lows below $500. However, the buyers revamped the trend bring the price back above the primary support at $500. There was a significant hurdle at $520, but the bulls found a sustained breakthrough over the last weekend.
The price broke above the next resistance level at $580. BCH/USD also stepped over $600 but the trend turned bearish around $610. The bears found an entry at this position resulting in negative pullback supported by the trendline at $540. Subtle upside corrections followed but the upside remained capped at $580. The trading Monday has been strongly bearish and Bitcoin Cash has declined to the support at the 23.6% Fib level with the last swing high of $607.01 and a low of $514.93 at $536.69.
Bitcoin Cash has embarked on another upward journey above the resistance at $540 (former support). The trend is slowly turning bullish, similarly, the MACD has started bending towards the upside, although it is still in the negative region. The stochastic is recovering from the oversold as well. The 38.2% Fib level at $549.76 is the immediate resistance but stiff resistance will be faced at $560, $580 and eventually $600.
In other news, CME partner, Crypto Facilities has announced that it is adding Bitcoin Cash (BCH) to its lists of futures products. Crypto Facilities is one of the leading digital assets trading platforms in the world. The trading of BCH/USD on the platform commenced on August 17. Bitcoin Cash futures give traders the ability to long or short the asset thereby reducing the risk involved in crypto trading. Crypto Facility is also excited to be expanding its portfolio, besides it already lists Bitcoin (BTC), Ethereum (ETH), Ripple (XRP and Litecoin futures. The CEO of crypto Facilities Timo Schlaefer made the announcement saying:
“We are pleased to be expanding our cryptocurrency derivatives offering with the launch of Bitcoin Cash futures. BCH is a top five coin with a market capitalization of around $10 billion* and we expect our new contracts to spur the evolution of the crypto markets by bringing greater liquidity and transparency to the digital asset class.”
BCH/USD half-hourly chart
Share
