Bitcoin Cash price: Possible market for buyers at $595

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 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)

Bitcoin Cash Price Chart

Bitcoin Cash Price Chart by TradingView

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.

Bitcoin Cash Price Chart

Bitcoin Cash Price Chart by TradingView

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.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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