The Bitcoin Cash price line sets itself near the $319 mark, however, the coin looks bearish at the moment. Trading view analyst san030believes that the cryptocurrency may go bearish as the pair seems to have formed an inside bar at the support near the closest hundred. The coin trades with a day’s range of $310.890000 — $319.620000 on the 1st of March.
1-Day Bitcoin Cash price analysis (1st March)
At the start of the 1st of March, the cryptocurrency’s price line moved across the $323 mark, from a starting price of near the $308 level. The coin traded between the $312 and $316 marks until noon, after which the price saw another spike towards the $322 mark and it fell towards the $308 level by 16:32 GMT.
At the time of writing, the Bitcoin Cash / US Dollar trading pair has a value of $319.62 US Dollars.
The 20-Day Exponential Moving Average (EMA) is currently above the 50-Day Moving Average (MA), and it closed the day at the $316.810902 mark. The 50MA closed at $313.416600. The third technical indicator, the Relative Strength Index (RSI) kept varying towards and between the 40.00 and 70.00 marks on the scale, while it stands at 52.16 at the end of the day.
Bitcoin Cash: predictive analysis
As per what San 030 believes, the cryptocurrency is expected to see a continued bearish momentum. The BCHUSD pair is looking to fall towards the $300 mark.
The cryptocurrency’s price has formed an inside bar at the support that lies near the $300 mark.
However, support is available below the red zone and the lowest BCH price can drop stands at $222. Cautious trading is advised to ensure profits.
Featured Image by Vinicius Amano.
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.