Bitcoin Cash price appears to be forming an ascending triangle pattern on the 4-hour charts, while the cryptocurrency reached the $232 mark on the 25th of June.
1-Day Bitcoin Cash price analysis (25th June)
Just before 03:00 GMT on the 25th of June, BCH price fell towards the $226 mark, after which the cryptocurrency’s price graph regained its height on the daily charts. At the time of writing, Bitcoin Cash was observed trading at $232.00 US Dollars.
The Relative Strength Index (RSI) reached a high of 82.11 near 08:00 GMT on the 25th of June. This shows that the cryptocurrency was overbought at the instance. Near 03:00 GMT, the RSI indicator touched a low of 16.25. Such a low value for the technical indicator depicts that the cryptocurrency was oversold at the time.
Bitcoin Cash price movement; ascending triangle ahead?
Guapeva is a TradingView analyst who believes that the BCHUSD pair will form an ascending triangle trading pattern up next.
Bitcoin Cash Price Chart by Trading View
As per the idea, the resistance level of the ascending triangle lies near $262, whereas the cryptocurrency currently trades near the support of the ascending triangle pattern. The stop-loss was indicated at the $227 level.
The analyst believes that the Bitcoin Cash / US Dollar trading pair will move towards the resistance of the trading pattern. If this trade comes into play, the cryptocurrency will turn bullish and rise towards the $262 mark, near which the upper resistance of the ascending triangle pattern lies.
The Moving Average Convergence Divergence (MACD) indicator depicts a hidden bullish divergence. On the 4-hour chart, the Relative Strength Index (RSI) lies at 40.76.
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.