The Bitcoin Cash price turned bearish and descended towards the $275 level on the 25th of August. The cryptocurrency was observed trading between the $267.5 and $295 levels. Mostafa Eghbali is a crypto analyst on Trading View who is of the opinion that the BCHUSD trading pair will complete the Gartley bearish pattern soon.
1-Day Bitcoin Cash price analysis
BCH was priced at $291.6 US Dollars at the beginning of the 24-Hour trade, which was also the day’s highest price for Bitcoin Cash on the 25th of August. At 18:10 GMT, the BCH price fell to its lowest for the day, at $268.81.
From the evening till the end of the 1-Day trade, the price trajectory oscillated between the $267.5 and the $277.5 levels. Bitcoin Cash traded at $274 US Dollars at the time of writing.
Will the Bitcoin Cash price complete the Gartley bearish?
The Trading View analyst Mostafa Eghbali believes that the BCH price will ascend towards the $340 mark.
Bitcoin Cash price chart by Trading View
As per the chart above, Bitcoin Cash is expected to form a Gartley bearish pattern in the near future. The BCH price has met the first four points of the Gartley bearish pattern, and to complete it, the cryptocurrency has to rise towards the $340 level.
The price line will fall bearish if the idea comes into play and the Gartley bearish completes. The BCH price has fallen to the $275 mark on the 26th of August and the chances for this idea to complete are minimal now.
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.