Bitcoin Cash (BCH) is once again leading the way in the cryptocurrency market with a 7% climb upwards since the weekend and is currently trading above $440 after a spike in price this morning.

While many other altcoins have already made back the gains lost during the market crash of last November/December, Bitcoin Cash has finally caught up to the race after failing to find support around its 200-day EMA in early May.

Now, as some coins like Ethereum, EOS, and Litecoin are racing past those pre-November levels, there appears to be an opportunity for BCH to follow-up and press on with its recent gains.

Let’s take a look at the latest BCH price action.

Looking at the chart above, we can clearly see BTC has broken through some important resistance barriers.

Bitcoin Cash broke the $330 level around its 200-day EMA in early May, and the 20-day EMA has now moved above the 200-day EMA – a clear bullish signal. Moreover, volumes have remained strong since mid-May, helping BCH to break key levels and find support initially around $360 and later around $400.

If order books stay on the side of buyers, which will become increasingly difficult the more price goes up, we could see BCH continuing to climb past the $440 resistance level.

Still, be aware we may experience close to 60% drops, as this did happen in a similar situation during 2015 prior to the last massive bull run.

For the time being, I expect BCH to settle above the $440 level with minimal hassle.

Safe trades!

BCH fundamentals

I recently spoke with Bitcoin Cash’s strongest advocate, Roger Ver, and discussed the most recent developments on the horizon for BCH. You can find all the details here, but the most juicy news seems to be the recent spike in adoption due to the implementation of smart contracts. Roger, like myself, believes key components for mass adoption are speed and flexibility. What Bitcoin Cash Oracles offers is a way for any user to easily deploy an “escrow” transaction that can be used to trade globally – without the hassle of trusting the other party.

I personally think these “trade escrows” will be key in terms of adoption, especially for work-related tasks. In a way, they do enable milestone-based funding, which may be the new and better way of conducting ICOs instead of simply creating an extra layer of complexity with STOs that require KYC and accreditation – something that goes against what we should be promoting within the crypto ecosystem.