Quick update on the price of Bitcoin Cash (BCH). The coin is now sitting at $594 after reaching $630 in the early hours of trading. The zone in front of bulls represents a solid resistance cluster from back in the day. I'm talking about the $630-$660 zone that combines both daily and weekly timeframes highs. A break above that level will open the door for $850.
Down, I will be looking for support near $570 and $500.
It is quite possible for the price to revisit $570 and consolidate before re-attempting to surpass the above-mentioned first level of resistance.
I'll be watching how the price evolves from here, updating you accordingly for entry levels. Regards,
A good summary of the current situation. I'm long, but it's forming a descending triangle, so it seems likely that it will go down before it goes back up again. Overall, though, this is looking very bullish.
misterpower
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597 is still a bit too expensive for me, I will try to buy between 530 and 570.