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Bitcoin Cash Price: BCH/USD Resumes Uptrend Towards $1,500

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BCH price notched an impressive 54% upside to hit $1,484 for the first time since May 2018

Bitcoin Cash (BCH) has made significant gains over the past few days, with the price of the Bitcoin fork rallying 23% on the day as bulls seek a fresh upside. Despite this, the BCH market appears strong, as shown by the bullish MACD and the upward trend of the moving averages.If bulls buy the dip and push prices above $1,359, the BCH/USD pair could move towards $1,400.

For much of the current bull cycle, the three altcoins have lacked momentum, but in the last 24 hours and past seven days, ETC price has grown by 20% and 173% respectively. Meanwhile, BSV price has gained 10% and 39% respectively to currently trade at $396.

It has been stated that the founder and CEO of Digital Currency Group, who owns Grayscale and Genesis Trading, believes that traders using Robinhood could be rotating profits from Dogecoin (DOGE).

Bitcoin Cash price and the DOGE effect

As Bitcoin Cash surged to a new multi-year high, a similar trend was observed for Ethereum Classic (ETC) and Bitcoin SV (BSV). Only 1 alt available on RH.

'RH listings' should drive future returns.

BCH price analysis on 5 May, 2021 — Alex Kruger (@krugermacro)BCH price analysisBCH/USD is at a new multi-year high of $1,484.95 on major exchange Coinbase.

Buyers may have the chance to target the next major barrier at the 168.1% Fib level ($1,541) following a successful retest and breakout north of this supply zone.

BCH price analysis

BCH/USD rose by 54% on 5 May to touch a new multi-year high of $1,484.95 on major trading platform Coinbase. The Bitcoin Cash price soared 54% on April 6 to reach $1,484 for the first time since May 2018.Bitcoin Cash (BCH) has seen significant gains over the past few days, rallying 23% on the day as bulls seek a new rise.

The upside has continued as Bitcoin Cash broke above the previous high of $1,216 and the 127.2 Fib extension level ($1,359).

There’s some resistance as seen on the daily chart, with intraday lows of $1,271 suggesting some profit-taking is happening at these levels.

For much of the current bull cycle, the three altcoins have lacked momentum, but in the last 24 hours and past seven days, ETC price has grown by 20% and 173% respectively. Meanwhile, BSV price has gained 10% and 39% respectively to currently trade at $396. Source: TradingView

However, the BCH market remains strong, as suggested by the bullish MACD and the upward curve of the moving averages.

Robinhood only works with Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin and...Ethereum ClassicI think I now know where the DOGE cash is going next. To that end, I welcome the bullish movement this year. There are no other alts available on RH yet. 'RH listings' should drive future returns.

pic.twitter.com/i37zaJwGh9 — @krugermacro May 5, 2021BCH price analysisBCH/USD fell to a new multi-year high of $1,484.95 on COINBASE on 5 May. Prices lifted from $1,015 and above an upper-boundary resistance line at $1,107. The 20-day EMA at $978 and 50 SMA at $747 provide robust support if the market flips bearish.

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 5/6/2021

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