There was a decent support base formed near the $600 level in bitcoin cash price against the US Dollar. The price started an upside wave this past week, and moved above a few hurdles such as $650 and $700. The upside move was very strong as the price was able to close above the $720 resistance level. Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $1,079 high to $600 low.
More importantly, there was a break above a crucial bearish trend line with resistance at $720 on the 4-hours chart of the BCH/USD pair. The pair is now trading well above the $700 level and the 100 simple moving average (4-hours). The upside drift stopped near the 38.2% Fib retracement level of the last decline from the $1,079 high to $600 low. However, the downside is limited by the $700-720 support area. It seems like the price is now well supported above the $700 level for more gains.
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