Bitcoin Cash Price Analysis: BCH/USD up nearly 10% amid a crypto melt-up
|Bitcoin Cash is trading around $235, up nearly 10% on the day. Cryptocurrencies are rising fast across the board with Bitcoin topping $7,000 and Altcoins beating the granddaddy of digital assets.
The break of ETH/BTC to the upside is a bullish sign for cryptos that are lower down the list in terms of market capitalization. The impact of coronavirus on cryptocurrencies is somewhat mixed. On the one hand, printing of money by governments is supporting digital assets. On the other hand, the sell-off in markets has also adversely impacted cryptos, including Bitcoin Cash.
The swing low of $216 is the first support, and it is followed by the daily low of $206. Resistance is at the daily high of $238, followed by $246, a peak from earlier this week.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.