The Bitcoin Cash price returned above the $300 level on the 3rd of August. The cryptocurrency is expected to test the resistance that lies near $305. Although the price is still shaky and returning to a point below the mark.
1-Day Bitcoin Cash price analysis
Bitcoin Cash price chart by Trading View
For the day’s lowest, the cryptocurrency approached $280.12. At the time of writing, Bitcoin Cash traded at $299.71 US Dollars.
Bitcoin Cash moves short towards $293
Hex Flex is a Trading View analyst who has drawn an ascending trendline for the BCHUSD pair, and they expected BCH price to go short towards the $293 mark.
Bitcoin Cash price chart by Trading View
Before moving short, the cryptocurrency tested the resistance at the $302 mark, after which it turned bearish on the 1-Hour chart and moved short towards the $293 mark.
The cryptocurrency bounced off the ascending trendline moved towards the $300 level. BCH price completed the trade presented in this idea.
What to expect from Bitcoin Cash price?
Another Trading View analyst Generation Forex laid out the trade orders for the BCHUSD pair over the 15-Minute chart.
Bitcoin Cash price chart by Trading View
The analyst marked the stop-loss below an ascending trendline, below the $278 mark. The analyst suggests traders take half profit from this BCHUSD trade and then move the stop-loss order into the profit region.
This is a buy setup for Bitcoin Cash. In the chart above, the cryptocurrency can be observed trading in the buying area, right above the trendline. As per this idea, the BCH price should move past the $330 level before it approaches the buy stop at above $336. If the idea for this trade comes into play and gets completed, the cryptocurrency will have moved past the $330 mark.
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.
