The Bitcoin Cash price line observed a downtrend towards the $229 level on 20th June. Alexandar Harford, the TradingView analyst, believes that the BCHUSD pair will fall towards the $220 mark.
1-Day Bitcoin Cash price analysis (20th June)
The BCH price line was near the $233 mark at the beginning of 20th June. The price trajectory was observed receding towards the $229 level as the day moved towards its end. At the time of writing, Bitcoin Cash traded at $229.25 US Dollars.
The Relative Strength Index (RSI) fell to 25.60 near 11:20 GMT. This shows that Bitcoin Cash was slightly oversold. At the time of writing, the RSI indicator was at 56.16.
Bitcoin Cash price in descending parallel channel
Alexander Harford is a TradingView analyst who has highlighted a descending parallel channel on the BCHUSD pair’s charts.
Bitcoin Cash Price Chart by Trading View
The analyst believes that Bitcoin Cash will see a downtrend towards the $220 support. As per the idea, the cryptocurrency has been trading in the descending parallel channel from 10th June. The channel shows an overall bearish movement for the BCH price.
This channel will conclude near the $220 level, that’s also where the BCHUSD trading pair’s major support lies.
After the price fall, BCH might see an uptrend. Other crypto analysts believe that the Bitcoin BTC price will see a price dump in the near future. If the price dump takes place, then the altcoin market will follow the downfall.
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.