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
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