Bitcoin Cash Price Analysis: BCH/USD Eyes Upside Break above $600

This aggregated story was originally published on this site. Follow the link in the word Story at left to read the full article.

Key PointsBitcoin cash price is steadily rising and is currently placed nicely above $550 against the US Dollar.There is a major bullish trend line formed with support at $560 on the hourly chart of the BCH/USD pair (data feed from Kraken).The pair looks set to gain further above the $590 and $600 resistance levels in the near term.Bitcoin cash price is poised to extend gains above $600 against the US Dollar. BCH/USD is placed nicely above the $550 support area and the 100 hourly SMA.Bitcoin Cash Price TrendThere was a decent downside correction from the $612 high in bitcoin cash price against the US Dollar. The BCH/USD pair declined and traded below the $600 and $560 support levels. However, the decline was protected by the $540-550 support zone. A low was formed near $537 and later the price started a fresh upward move. It traded above the 38.2% Fib retracement