Bitcoin Cash (BCH) News – Can Bitcoin Cash (BCH) rise beyond $650? – Bitcoin Cash (BCH) technical price analysis September 2, 2018

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Bitcoin Cash (BCH) has had a relentless lately from the levels of $ 540 all the way up to $ 650 currently. In the process, it is surpassed the resistance is of $ 540 as well as $ 600. That is why investors, as well as traders, are trying to figure out whether it can extend the rally or whether $ 650 will actually work as a stiff resistance for it. We look into the technical charts today in order to find out whether the rally can be extended.

Bitcoin Cash (BCH) technical price analysis September 2, 2018:

Bitcoin Cash (BCH) had been trading around $ 500 for a pretty long period of time. That is why it had a strong foundation around those levels. However, ever since then it has moved up pretty swiftly. After it crossed the resistance of $ 540, it rose quite swiftly to current levels of $ 640. It is also touched around $ 650 as well. Thus, intermittently it had crossed the resistance of $ 650 as well. The question which remains is whether it can sustain easily above the levels of $ 650.

When you look at the chart of Bitcoin Cash (BCH), you will realize that any price movement above $ 650 on a consistent basis will result in Bitcoin Cash moving up to $ 700. The next resistance on the cards is around $ 650. If it is able to move past these levels, it can head to $ 700 quite easily.

Fundamentally as well, there is a lot of positive news for BCH. Today’s the stress test day for BCH. It has been able to pass that with flying colors. It has managed to garner over 2 million transactions in the last 24 hours. All of this resulted in no increase in fees. This clearly indicates that the network of BCH is able to sustain larger transactions without any increase in fees. This is what makes BCH much more affordable as compared to any other cryptocurrency. This news is positive news for Bitcoin cash (BCH). It also validates that Bitcoin Cash (BCH) is actually much more affordable and faster as compared to Bitcoin.

Thus, if you’re thinking of trading in Bitcoin Cash (BCH) beyond the current levels, you should keep a strict watch on the levels of $ 650. Only when it is able to sustain above these levels, can you think about initiating a long trade. Also, only when it is a sustainable breakout and can be confirmed with the volume breakout as well, it would be a good idea to initiate this long trade as that would trading false breakouts.

About Manish 352 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

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