Bitcoin Cash price rallies to $246: what’s next?

Bitcoin Cash price rallies to what s next

On the 23rd of April, the BCHUSD pair went on a bullish spree that led the cryptocurrency across the $246 mark. XForceGlobal is a TradingView analyst who was of the opinion that the Bitcoin Cash price would either turn bearish or go bullish, depending on whether it breaks through the parallel descending channel, or continues to trade within it.

1-Day Bitcoin Cash Price Analysis (23rd April)

Bitcoin Cash Price Chart

Bitcoin Cash Price Chart by TradingView

BCH stood at $232 as the day’s trade began, while the price line turned slightly bearish in the first half of the day as it moved below the $226.00 mark to a day’s low of $225.84 US Dollars. The cryptocurrency gradually made its way across the $246.00 level after it approached a bullish momentum near midday on the 23rd of April.

The cryptocurrency reached a day’s high of $246.22 US Dollars, while its price lowered back to the $240.0 level, about which it traded for the rest of the day. As the day concluded, the cryptocurrency was observed at a trading value of $240.56 US Dollars.

Bitcoin Cash: bullish or bearish?

According to the crypto analyst’s idea, the cryptocurrency was in an ongoing downtrend at the time they published the idea. The analyst suggested that the cryptocurrency was headed towards breaking below the 0.236 Fibonacci resistance, while the RSI showed lower highs.

Bitcoin Cash Featured Price Chart

Bitcoin Cash Price Chart by TradingView

The analyst was of the opinion that the cryptocurrency will see a bullish turnout if it broke above the descending parallel channel lines, which could turn out to be a textbook bull flag pattern.

The idea is currently in play BCHUSD broke through the upper descending channel line and as moved across the $240 level.

Featured Image by Steve Buissinne.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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