Bitcoin Cash price analysis: $360 is the target in sight

Bitcoin Cash price did not start the year off in a nice way and was down to one hundred and thirty ($130) dollars and along the way, we had futures contracts being assigned for BCH.

BCH price took a sharp turn on April 3, breaking above the three hundred dollars ($300) mark. The price stumbled a little before, finally, on May 11 and upsurge caused it to move out of the three hundred dollars territory to four hundred and two dollars ($402). On June 27, BCH saw the biggest price mark this year has offered up till yet at four hundred dollars ($481.78).

Bitcoin Cash price has been down since then and lurks around the two hundred and seventy dollars ($270) low to three hundred and fifty dollars ($350) high.

Bitcoin Cash price analysis: $360 is the target in sight 2

Bitcoin Cash price chart by TradingView

At the time of writing, BCH trades at three hundred and twelve dollars ($312.12). BCH has scored itself hefty trade volume of two billion dollars ($2,275,101,164). The market cap for BCH is valued at five billion dollars ($5,613,406,783).

Bitcoin Cash price could do well with a boost

We have the head and shoulders pattern forming on the graph for Bitcoin Cash which can prove to be a bullish sign, depending on what the bulls are thinking. The reversal pattern currently focuses on the three hundred and sixty ($360) dollars mark. This mark is crucial for the bulls to break if they want to keep the pattern alive.

Bitcoin Cash price analysis: $360 is the target in sight 3

Bitcoin Cash price chart by TradingView

One the other hand, if the bears get a hold on to BCH then a break from the waves will be triggered causing BCH price to drop by a huge margin. But before that happens, the market will be trading sideways as the bull make preparations for the landslide.

Both the simple moving average (SMA) and the exponential simple moving averages (EMA) are acting as resistances for Bitcoin Cash price. The relative strength index (RSI) is headed towards the top. It currently runs at sixty-two (62.65).