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  • Bitcoin Cash is trading above the moving averages; the next rendezvous point is at $600.
  • Bitcoin is worth $12 billion while it made $742.7 million in profit by mid-2018.

Bitcoin Cash spiked considerably busting through the multi-month trendline. This signal a significant reversal as trader took their positions. The price has moved above the critical $500 resistance zone and is currently approaching $600. In addition to that, it has corrected above the 200 SMA on the 4-hour chart. However, the 100 SMA is still stuck below the longer term 200 SMA. This means that the bears still have a hold on the price but the trend is generally in the bulls favor, at least for now.

Bitmain, one of the largest firms that mines Bitcoin (BTC) has hit the headlines for an impending IPO. The company made public its plans for the IPO and for the first time, it released to the public its profit records. Chinese-based Bitmain was founded by billionaires Jihan Wu and Micree Zhan. The company is currently valued at $12 billion. Bitmain revealed that it made a profit of $742.7 million in the period ending mid this year. The company has a large holding in Bitcoin Cash but the exact figure has not been released.

Bitcoin Cash surged as the traders took their positions hyped by impending gains following an IPO filing. At the time of press, Bitcoin Cash is trading at $561while the eyes are set on $600 in the short-term. The MACD is pointing upwards above the mean (0.0) showing that the trend is likely to continue being bullish. The 100SAM will provide support at $500 in case a reversal occurs.

BCH/USD 4-hour chart