Bitcoin Cash price approaches a reversal candlestick pattern and shows a possible buying opportunity. The coin currently stands above the $412 mark and there is an ongoing bullish signal.
According to DLavrov, the Relative Strength Index (RSI) for BCHUSD has confirmed a price reversal, and thus the market has given a possible buying opportunity.
1-Day Bitcoin Cash Price Analysis (19th February)
The Bitcoin Cash price stood above the $416.00 mark at the start of the 19th of February. On the price chart, the price line can be seen gradually moving towards the $412 level. The 20-Day Exponential Moving Average (EMA) was seen closing at $413.123880, while the 50-Day Moving Average (MA) concluded the day with a value of $414.312400.
The RSI reached a low of 20.77 near 07:00 GMT, however, it currently stands above the level 50.00, at 52.70. At the time of writing, the BCHUSD pair stood at $412.390000.
Bitcoin Cash: Predictive Analysis
DLavrov is of the opinion that Bitcoin Cash currently offers a good opportunity for buyers. He explained the price has bounced from the support zone placed near the $400.00 mark and a reversal candlestick pattern is observed.
The trading view analyst suggested that the RSI has confirmed the price reversal and this gives the market a buying opportunity. Although risky, but it may prove profitable for the buyers if Bitcoin continues its uptrend.
DLavrov believes that the entry price lies above $432.75, the stop level can be found below $360.00, and the profit level is at $595.00.
Featured Image by Martin Jaroš.
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.