The Bitcoin Cash price line sees a continuous price fall on the 25th of February. The altcoin seems to be following Bitcoin‘s price trend. The trading view analyst THEGRANDMASTEROFBTC highlights a head and shoulders pattern for BCHUSD over the 1-Month price chart. The pattern began forming on the 25th of January, 2020.
The cryptocurrency trades with a day’s range of $345.880000 — $378.960000, while it has currently fallen below the $350 mark.
1-Day Bitcoin Cash Price Analysis (25th February)
The cryptocurrency has fallen below the $350 mark on the price chart for the 25th of February. The altcoin, like other altcoins, seems to be following the Bitcoin market’s price trend.
Currently, the cryptocurrency trades at $347.1100 US Dollars. The 20-Day Exponential Moving Average (EMA) closed at $348.835307, while the 50-Day Moving Average (MA) closed at $349.818600. The Relative Strength Index (RSI) lies at 45.70.
Bitcoin Cash: Predictive Analysis
THEGRANDMASTEROFBTC pointed out the formation of a head and shoulders pattern on the BCHUSD price chart. The cryptocurrency has almost managed to complete the pattern over a 1-Month price chart.
The pattern began forming on the 25th of January, 2020 and ends on the 25th or the 26th of February. The crypto analyst discussed that the right shoulder will be completely formed after the price properly drops below the $360 mark.
Currently, the prediction for the pattern’s formation seems to be coming true, since the price has fallen towards the $345 mark, and is still subject to an ongoing bearish momentum.
Featured Image by Bui Bao.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.