The Bitcoin Cash price line returns towards the $370 mark after reaching the $410 level on the 24th of February. The trading view analyst kyer believes that the cryptocurrency has wicked at the bottom of a marked accumulation zone and the next stop for BCHUSD lies at the $435 mark. He stated that this was a heavy accumulation zone for Bitcoin Cash.
1-Day Bitcoin Cash Price Analysis (24th February)
After following the bulls from the 23rd of February, the cryptocurrency reached a high located just below the $410 level at the start of the 24th of February. The cryptocurrency saw a bearish momentum shortly after this uptrend and it immediately returned to the $388.00 mark. The cryptocurrency traded near the price level until before the evening when the coin’s price saw a further decline that was directed towards the $364 mark.
Currently, the Bitcoin Cash / US Dollar trading pair stands at the $371.330 mark. The Relative Strength Index (RSI) for the cryptocurrency lies at 53.10. The 20-Day Exponential Moving Average (EMA) closed at 371.240110, and the 50-Day Moving Average (MA) was placed at $370.230600.
Bitcoin Cash: Predictive Analysis
kyer is of the opinion that the cryptocurrency had wicked the bottom of a heavy, marked accumulation zone, which was noted before the year began. The crypto analyst stated that the next price target for BCH is $435.0, though it might see a minor pullback.
The trading view analyst suggested that the coin will not fall to $365. Recently, the cryptocurrency has seen a pullback towards the $370 mark, from its previous standing price above the $400 mark. However, this does not render the prediction false, as the minor pullback does not refute a possible uptrend for the cryptocurrency.
Featured Image by Jonas Jacobsson.
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.