The Bitcoin Cash price line rose above the $325 mark on the 17th of August. The cryptocurrency traded between the $300 and $327.50 price levels over the 1-Day chart.
1-Day Bitcoin Cash price analysis
The price line stood near the $307.5 mark when the daily trade began. The cryptocurrency was observed trading between the $300 and $307.5 level for the first quarter of the day, after which it turned bullish and rose past the $315 mark. At the time of writing, Bitcoin Cash traded at $318.13 US Dollars.
The 20-Day Exponential Moving Average (20EMA) closed at the $317.35 mark, whereas the 50-Day Moving Average (50MA) was observed at $317.79 at the same time.
The Relative Strength Index (RSI) was observed at a day’s high of 86.30, which means that the cryptocurrency was overbought at the time. At the time of writing, the RSI indicator stood at 59.17.
What to expect from the Bitcoin Cash price?
Mduchow is a Trading View analyst who believes that BCH price appears to be lagging behind, while the cryptocurrency still does have a potential to rise towards the $370 mark.
Bitcoin Cash price chart by Trading View
The cryptocurrency’s price trajectory made its way across the $325 mark on the 17th of August. The analyst believes that the cryptocurrency will rise towards the $340 level next, after which it may observe a price correction towards the $245 mark.
For this trade, the primary target price lies at the $244 mark, though if the cryptocurrency rises towards the $370 mark instead of the $340 level, then the BCH price will see a fall towards the $270 mark before it completes this trade.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.