The Bitcoin Cash price line exhibits another bearish movement for the better part of the 26th of February.
The cryptocurrency fell towards the $310 mark, following Bitcoin’s downtrend like other altcoins. The trading view analyst Alirezaark believes that go trading pair expected to go show a long position if the ongoing downtrend comes to an end.
1-Day Bitcoin Cash Price Analysis (the 26th of February)
The Bitcoin Cash price mark gradually moved to the $360 mark before the end of the day on the 26th of February. After this, the cryptocurrency saw more rapid bearish movements. The coin fell below the $310 level after the 16:00 GMT.
The cryptocurrency has stayed between the $310 and $320 marks from after 06:00 GMT on the 26th of February. Currently, the Bitcoin Cash / US Dollar trading pair stands at the $321.460 mark.
The 20-Day Exponential Moving Average (EMA) closed at the $319.385852 mark. The 50-Day Moving Average (MA) was placed at the $320.472600 level, at the time of writing. The last technical indicator, the Relative Strength Index (RSI), stood at the 55.83 marks.
Bitcoin Cash: Predictive Analysis
Ali Rezaark highlights the price breaking trend line for BCHUSD. The cryptocurrency analyst explains that if the cryptocurrency is able to return from its downtrend situation by breaking this trend line, then the cryptocurrency will show a long and profitable position.
Below the ongoing trend line, the next support line lies at the $303 mark. While the next level of support is found at the $270 mark and below that at the $252 mark.
Caution is advised in making trading decisions as always to ensure the best trading decisions.
Featured Image by Jimmy Ofisia.
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.