The Bitcoin Cash price line fell towards the $308 mark on the 29th of February. The day’s range for the day was set as $307.060000 — $323.700000.
A trading view analyst, The Grand Master Of BTC, highlights a head and shoulders pattern forming from the beginning of 2020. The crypto analyst believes that the price is now expected to move upwards to form the right shoulder of the pattern.
1-Day Bitcoin Cash Price Analysis (the 29th of February)
The cryptocurrency was observed to be on a bullish momentum at the start of the 29th of February. The price line was seen breaking past the $320 mark on the price chart, after which the coin returned to the $308 mark. The BCHUSD pair closed the day at a trading value of $308.010000 US Dollars.
The 20-Day Exponential Moving Average (EMA) was observed closing above the 50-Day Moving Average (MA), at $310.838046. The 50MA closed at $310.599200. At the same time, the Relative Strength Index (RSI) was seen at 40.99.
Bitcoin Cash: predictive analysis
As shown in the candle-view chart below, the BCHUSD pair started forming the head and shoulders pattern on the first day of the year. The head was observed to peak at the $494 mark. However, the right shoulder still remains unformed.
The trading view analyst, The Grand Master Of BTC is of the opinion that the price will now go up on the chart to complete the right shoulder of the head and shoulders pattern. In the predictive analysis, the analyst discussed that the coin’s next price target lies at $405.
Featured Image by Dan Cook.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.