Yesterday, Bitcoin Cash rallied sharply into daily resistance on news of the coin being added to Gemini exchange's
list of tradeable assets, and news that Bitmain has filed to IPO. The IPO news is not new, and the news
of the Gemini exchange listing may not be enough to break the overall bear trend for BCH.
It seems this rally is widely expected to fail and retrace. If this is to happen, 506.6 is the last
level of support that needs to be broken.
Alternatively, with many traders presumably short at these levels, a break of 525 could trigger short covering
and a rally to 543, 554.5 and higher.
list of tradeable assets, and news that Bitmain has filed to IPO. The IPO news is not new, and the news
of the Gemini exchange listing may not be enough to break the overall bear trend for BCH.
It seems this rally is widely expected to fail and retrace. If this is to happen, 506.6 is the last
level of support that needs to be broken.
Alternatively, with many traders presumably short at these levels, a break of 525 could trigger short covering
and a rally to 543, 554.5 and higher.