$BCH News: BCH Clears $550 on Heavy Volume; $547 Flips to Support as Range Narrows
CoinDesk
Bitcoin Cash (BCH) broke above $550 on a significant volume surge, consolidating near new support levels.Summary
Bitcoin Cash (BCH) advanced 2.6% to $554.52, decisively clearing the $550 resistance level following a major volume spike of 130,078 units at 1 a.m. UTC, which was 328% above average. Technical analysis indicates that the move confirmed an uptrend structure with established higher lows from $528.55 and $534.36. Following the breakout, BCH consolidated in a tight band between $553 and $556, testing $553.50 as immediate support, while the prior breakout level of $547 is now considered new support. Immediate resistance is set at the prior high of $558.25. The model suggests that if the $553.50 support holds, the next target is $558.25; however, a failure could lead to a retest of $547.
(Source：CoinDesk)