The Bitcoin Cash price line fell down below the $280 mark and hit the $279 low on the 11th of August. The cryptocurrency is expected to retest the $310 resistance, after which it may turn bearish and fall below the $270 level.
1-Day Bitcoin Cash price analysis
Bitcoin Cash price chart by Trading View
The day’s highest price for the 11th of August was $306.39 US Dollars. At the time of writing, Bitcoin Cash traded at $284.56 US Dollars.
What to expect from the Bitcoin Cash price?
The Trading View analyst Vince Prince believed that the BCH price will turn bullish after reaching the bearish cluster above the $310 mark.
Bitcoin Cash price chart by Trading View
Previously, the price line moved to a high near the $330 mark after which it bounced right below the bearish cluster. It then continued to trade above the ascending trendline drawn by the analyst in the chart above. The pattern formed here is an ascending triangle pattern while BCH appears to be building up a consolidation range where it showed very volatile bearish movements.
BCH price traded above the 55-Day Exponential Moving Average (55EMA) and the 100-Day Exponential Moving Average (100EMA). The strong resistance cluster marked in red has confirmed a bearish movement to the downside for the cryptocurrency, while the EMAs have also weakened. This means that the BCH price will fall bearish after testing the bearish cluster again.
On the 11th of August, the BCH price line fell below the 55EMA and the blue ascending trendline, this may mean that BCH will turn bearish earlier than expected.
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.
