The Bitcoin Cash price line fell below the $300 mark on the 19th of August. Bixley believes that the BCH price will turn into a long bullish run after completing a bullish flag.
1-Day Bitcoin Cash price analysis
The highest price for BCH on the 19th of August was $308.75 US Dollars. The cryptocurrency observed a day’s low at the $281.55 mark. Bitcoin Cash was priced at $293.78 US Dollars at the time of writing.
What’s next for Bitcoin Cash price?
The Trading View analyst Bixley highlighted an inverse head and shoulders pattern for the BCHUSD pair on the 1-Week chart. The analyst believes that the cryptocurrency is about to turn very bullish.
Bitcoin Cash price chart by Trading View
The first shoulder that was observed in August 2017, the head was formed in December 2018 while the second shoulder was recently formed in March 2020. The inverse head and shoulders pattern is a sign of a bullish trend, and it indicates that the price is about to rise. The crypto analyst believes that the price line is heading towards forming a bullish flag. The bullish flag is another bullish pattern which forms a pole and a flag pattern. The bull flag indicates a strong uptrend in the price pattern.
The idea suggests that if the bull flag comes into play, the price line will observe a bullish run in the long-term trade. Right after the bullish flag completes, the BCH price is expected to approach the $400 mark, which will then be followed by a bullish run on the charts.
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.