On the 16th of July, the Bitcoin Cash price line moved towards the $218 mark, after which it gradually traveled towards the $221 level as the day proceeded towards its end.
1-Day Bitcoin Cash price analysis
For the day’s highest, BCH approached $228.02 US Dollars, whereas it fell to a day’s low of $217.93. The cryptocurrency traded between the $217 and $223 levels for the rest of the day’s trade, after it fell below the $218 mark at 07:16 GMT. At the time of writing, Bitcoin Cash was observed trading at a price of $221.96 US Dollars.
At 07:15 GMT, the Relative Strength Index (RSI) had fallen to a day’s low of 14.29 on the 1-Day chart. This means that the cryptocurrency was highly oversold at that instance. At the time of writing, the RSI indicator was observed at 45.78.
What to expect from the Bitcoin Cash price?
Jojo Fang is a TradingView analyst who has drawn a falling wedge pattern on the 1-Day chart for the BCHUSD pair. The analyst is of the opinion that the cryptocurrency will break above the trading pattern, and the breakout may allow the price line to rise across the $400 level.
Bitcoin Cash price chart by Trading View
As per the chart above, the price line is expected to move towards the lower boundary of the trading pattern, after which it should travel towards the resistance and then break past it to turn bullish. If this idea comes into play, Bitcoin Cash is expected to reach across the $450 level.
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.