The Bitcoin Cash price line fell towards the $297 mark on the 9th of August. Project Syndicate is a crypto analyst on Trading View who believes that the BCH price is about to observe a 20% correction towards the downside soon.
1-Day Bitcoin Cash price analysis
Bitcoin Cash price chart by Trading View
BCH stood at $306.0 at the start of the trade, while it stepped down on the 1-Day chart as the day went by. In the afternoon, the cryptocurrency’s price turned bearish, and after 14:00 GMT, it had fallen below $294, where it saw a day’s low of $292.73. At the time of writing, Bitcoin Cash stood at $297.21 US Dollars.
The 20-Day Exponential Moving Average (20EMA) closed at $298.07, whereas the 50-Day Moving Average (50MA) stood at the $297.21 level at the time of writing.
The Relative Strength Index (RSI) rose to a day’s high of 79.23 at 00:26 GMT, which means that the cryptocurrency was overbought at the time. The technical indicator closed the day’s trade at 54.42.
Bitcoin Cash price to see a correction?
The Trading View analyst Project Syndicate believes that there will be a 20% correction for the BCHUSD pair.
Bitcoin Cash price chart by Trading View
The analyst believes that the BCH price will be rejected at $310, after which it will turn bearish, which is why they suggested that traders should go short on the pair for now.
Bitcoin Cash had been accumulating between April and till after July in the $214 to $264 range. The cryptocurrency’s price finally shot up across the $330 mark, where it tested a resistance level and bounced back.
After the cryptocurrency market exhibited a price dump on the 2nd of August, the BCH price returned between the $280 to $310 range.
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.
