Bitcoin Cash has broken out of the overhead resistance at $778.2021 and the 20-day EMA, which sets up a quick short-term trade
Traders can initiate long positions at the current levels around $779 and keep a stop loss below the recent lows of $610. The target objective on the upside is a move to $974.
Above the 50-day SMA, the BCH/USD pair can rally to $1,115 levels. Instead of booking profits at the overhead resistance levels, traders should raise their stops higher because Bitcoin Cash is known to make large moves once it turns positive.