The BCHUSD trading pair traded within a day’s range of $199 to $227, the Bitcoin Cash price line was observed heading across the $225 level.
azarmanesh is a TradingView analyst who explained that the cryptocurrency gave a trend reversal signal that was based on a bearish divergence, however, this does not imply that the market has become bearish.
1-Day Bitcoin Cash Price Analysis (23rd March)
On the 23rd of March, the cryptocurrency showed ruffled price movements after starting the trade near the $205.00 level. The coin headed up across the $225 level after 13:00 GMT and saw a day’s high of $227.216762 US Dollars. After some while, the price line retreated towards the $217 level and continued trade between the $210 and $222.50 marks until the end of the day. The coin closed the day’s trade with a value of $223.675348 US Dollars. At the time of writing, the BCHUSD pair traded at $220.680 US Dollars.
Bitcoin Cash: pullback using bearish signals?
According to azarmanesh’s analysis, the market gave a trend signal based on a bearish divergence. The price reversal occurred at the $210 support level.
The crypto analyst stated that the price reversal does not mean that the cryptocurrency’s market has turned bearish, and a pullback can be caught using the bearish signal.
The idea does appear to come to play as a pullback has taken place and the price line has headed towards the $228 level, and hence, the market maintains the potential for an uptrend.
Featured Image by William Iven.
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.