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  • BCH broke out on the long term and surged ahead.
  • Needs some more strength and momentum to sustain.

Bitcoin Cash, the split cousin of the largest cryptocurrency Bitcoin, broke out of a descending trendline on the long term chart and rallied hard after a spate of positive news surrounding the BCH and the other major cryptos.

BCH/USD is down more than 3 percent on day at $521.25, exactly at the middle point of the day’s range. On the daily chart of BCH, it broke out of a descending trendline late this week after Bitmain’s annuncement of IPO and Google’s removal of ban on crypto ads.

All that the BCH bulls now need to sustain this breakout is some more momentum and strength to cross past bigger hurdles of $650-70 range, that would term the bear market over and new bull run beginning.

BCH/USD daily chart: