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bitcoincash

Bitcoin Cash: Price Analysis, November 5

BCH/USD

Bitcoin Cash has embarked on a bull run of its own. Buoyed by fundamental news, it has risen sharply from $408.0182 critical support.




BCH/USD




A break out of $488 invalidated the descending triangle pattern. Usually, when a bearish pattern is negated, it is a sign to go out and buy.

The pullback on the BCH/USD pair picked up momentum above $488 and quickly reached the overhead resistance at $591.41. If this level is crossed, the next target on the upside is $660.0753.

Traders who are long can keep their stop loss at $400. The RSI has reached the overbought zone. Therefore, a couple of days of consolidation is possible, after which the digital currency should resume its recovery and try to break out of $660.0753.

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