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  • Bitcoin Cash must break out of the bull flag pattern for a retracement towards $600.
  • Big Tickets BCH integration comes in time for this fall’s festival as well as the conference league ramps up.

Following the stability in September, Bitcoin Cash broke out in a bullish move using the primary support at $410. A sharp upswing in the last week of September retraced past the resistance (now support) at $500. BCH/USD continued with the upside movement towards the coveted $600 but formed a high at $590.4. Consequently, the asset has been consolidating bullish flag pattern as observed on the hourly chart.

It has been said time and time again that cryptocurrency mass adoption will not only bring stability in the market, it will also help cryptocurrency grow price-wise. Since Bitpay added support on its payment platform, the crypto is making headway in the mainstream industries and business as an alternative payment option.

Bitpay has recently partnered with Bit Tickets to give customers an opportunity to use BCH to purchase and reserve spots in a myriad of future scheduled events in Georgia. The integration comes in time for this fall’s festival as well as the conference league ramps up. Both of these events are expected to attract a huge number of customers who utilize Bit Tickets services.

The CEO of Big Tickets Jason Henley said in regains to BCH acceptance:

“The use of Bitcoin Cash is a major social trend we’ve been following and we’re excited to be one of the first event ticketing platforms in the United States to accept the burgeoning cryptocurrency.”

Meanwhile, Bitcoin Cash is trading at $531, at the same time, facing immediate resistance from the 50SMA on the hourly chart. The prevailing trend is strongly bearish, although the bulls are fighting tooth and nail to defend the support at $510. The RSI has changed direction south at the time of writing while the moving average gap is increasing to show that the bears are gaining ground against the bulls at a fast rate. On the contrary, if the bulls can reverse the trend and stage a break out of the bull flag pattern, BCH/USD could retrace higher to $600. In the meantime, it is vital for the price to stay above $510 and $500 levels to avoid any extended dips.

BCH/USD 15-minutes chart