- The 15-minutes 50SMA currently at $630.79 is limiting gains but crucial resistance lies at $640 and $660 respectively.
- There are several lifeline support areas that are likely to keep BCH/USD above $600.
- Bitcoin Cash protocol mined 2.2 million in a stress test of the protocol; this also translates to 300,000 transactions every hour.
Bitcoin Cash performed exceptionally well over the last weekend. The crypto corrected higher above the resistance at $540 and $560 as covered in the previous analysis. Buying entries increased over the weekend pushing Bitcoin above $600. The gains continued above $650 but formed a high at $658.97. The sellers entered at this position and lower corrections followed.
There are several lifeline support areas that are likely to keep BCH/USD above $600. The support areas range from the 61.8% Fib level with the last swing high of $658.97 and a swing low of $560.38 to $600 but $610 is substantial support area. The buyers are consolidating gains above $600, but Bitcoin Cash is currently trading at $629.
The 15-minutes 50SMA currently at $630.79 is limiting gains but crucial resistance lies at $640 and $660 respectively. The bullish trend that has been dominating the Bitcoin Cash market shows that $700 is within reach in the medium-term. However, the buyers must put their best forward to make sure that a slide below $600 does not occur.
In other news, a recent report from Bitcoin ABC, the developers of Bitcoin Cash shows that digital asset smashed Ethereum’s record of 1.4 million transactions per day. Bitcoin Cash protocol mined 2.2 million in a stress test of the protocol, showing the network’s limits and capabilities. The blockchain is able to handle 10MB blocks quite well which means that it can support up to 50,000 transactions per block. This also translates to 300,000 transactions every hour or 7 million transactions in s single day. The limit for the network is at 21MB but stalls at 22MB.
BCH/USD 15-minutes chart
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