The Bitcoin Cash price line traded between the $222 to $225 trading range until the cryptocurrency turned bearish and fell towards the $219 mark. Fandorinn, the crypto analyst from TradingView, believes that BCH will decline in the upcoming days.
1-Day Bitcoin Cash price analysis (2nd July)
The Relative Strength Index (RSI) fell to 19.47 when the BCH price turned bearish on the 1st of July. This shows that the cryptocurrency was oversold at the time. At the time of writing, Bitcoin Cash was observed trading at $219.89 US Dollars.
Fandorinn is a TradingView analyst who believes that the BCH price will decline. The analyst suggested seven reasons for the cryptocurrency’s decline.
Bitcoin Cash price chart by Trading View
The support line shown in the chart above appears to be broken since December 2018, while there has also been a huge volume of orders. The RSI continues to decline as well, while it stood at 41.38 on the 1D chart, at the time of writing.
The Moving Average Convergence Divergence line shows a bearish signal as it depicted the break of the 0 line down. The sentimental analysis also shows a red mark, while the technical analysis and the community analysis appear to show red marks as well. Lastly, on Github, there has been a drop in the project’s codebase.
The analyst suggests that Bitcoin Cash should be sold with a take profit of $208.3 US Dollars.
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.