While the cryptocurrency market continues to languish in bear pressure, Bitcoin Cash (BCH) continues to expand as a payment system. The television network subscription firm, Dish recently made an announcement that it is joining the Global cryptocurrency payment system, Bitpay. This is a strategic partnership for both Bitpay and Dish.
Moreover, Dish customers will now utilize Bitcoin Cash (BCH) to pay for their monthly subscriptions as well as the pay-per-view movie events. The company is adding BCH as a form of payment for the exact reasons it added BTC payments in 2014. The CEO of Dish John Swieringa, went ahead to explain why BCH. He said:
“We’ve added Bitcoin Cash just as we chose to accept Bitcoin to serve customers who have adopted a new way of doing business.” Swieringa continued, “We have a steady volume of customers paying with cryptocurrency each month, and Bitpay will allow us to continue offering more choice and convenience to our customers.”
Bitpay Partnership with Flow.io
In other news, Bitpay has also entered into a partnership with Flow.io; a move that will see increased merchant acceptance of Bitcoin Cash (BCH) payments. Flow.io is a company that focuses on cross-border e-commerce sales. The firm is using this partnership to allow its merchants an option of accepting crypto payments by using Bitpay as a processing system. The Flow application is available in over 200 countries. Sonny Singh, the Chief Commercial Officer at Bitpay commented on the partnership saying:
“As an addition to Flow’s platform, bitcoin and bitcoin cash are ideal for international e-commerce payments making it easy to buy and sell goods from countries where traditional forms of payment are unavailable,”
Bitcoin Cash community and enthusiasts have something to smile about in a time when the crypto market is gloomy. The collaboration between Bitpay and Dish gives the lovers of BCH an opportunity to pay for their television subscriptions using BCH. Although the partnership with Flow.io could expand BCH payments in at least 200 countries, the merchants will have to decide if they want to accept cryptocurrency payments.
Bitcoin Cash Price Analysis
Bitcoin Cash price recovered slightly following the declines that have dominated the crypto market for at least a week now. The uptrend was, however, capped below $620, besides, the trendline resistance is still preventing gains as observed on the chart below. BCH/USD has dipped below $600 gain on Friday morning during the Asian trading hours
Bitcoin Cash is forming a contracting triangle pattern on the 15’ chart. The bullish trendline is supporting the price near the 23.6% Fib retracement level with the last swing high of $66.94 and a swing low of $563.91. On the upside, the 100 simple moving average will limit gains above $600. BCH/USH is still on the verge of another breakdown towards $500 unless a support above $600 is established.
At the time of writing, the stochastic indicator on the same chart is making advances from the oversold territory, while the short-term 50 SMA is above the 100 SMA to show that the bulls still have buying power. Further up, a break above the key resistance at $620 will allow BCH to curve a path towards $700 in the medium-term.