The Bitcoin Cash price line fell towards the $219 mark on 5th July but recovered back up to the $228 mark in the bullish run that Bitcoin price movement initiated. At the time of writing, Bitcoin Cash traded at $220.36 US Dollars.
1-Day Bitcoin Cash price analysis (5th July)
Bitcoin Cash price chart by Trading View
At the start of the day’s trade, the BCHUSD pair stood near the $225 mark, while it achieved a day’s high of $255.99 US Dollars at 00:13 GMT. The cryptocurrency turned bearish, and the price line gradually fell towards the $219 mark. At noon, Bitcoin Cash was priced at $219.26 US Dollars.
After some lingering movement, the cryptocurrency moved towards the $220 mark and followed on to the $228 mark at the time of writing.
What to expect from Bitcoin Cash price?
Crypto Patel is a TradingView analyst who has provided technical analysis for the BCHUSD pair. On the 1-day chart, the analyst drew the entry levels for the trade. The first entry-level was placed between the $165 and $170 marks, which was met by the cryptocurrency on 14th March 2020.
Bitcoin Cash Price Chart by Trading View
The price line shot across the second entry-level, which lay between the $210 and $225 levels, and it traded between the same entry-level and the first resistance level at $259. The price line appears to trade above the $205 entry support level, which the analyst believes is good for a new entry.
Crypto Patel believes that the price line might rise across the first resistance that lies at the $259.33 mark, which is why the analyst placed the first target price at $260. The second target price was placed at the second resistance level, near the $351 mark. For the last target price, the analyst believes that the price line will move towards the $496 level.
For the first entry, the stop-loss was placed at $199, whereas the analyst believes that there is no need for the stop-loss order for the second entry.
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.