On the 31st of July, Bitcoin Cash price took a trip below the $290 mark after it had approached the $300 level on the 30th of July. The cryptocurrency returned above $296 as the day proceeded.
1-Day Bitcoin Cash price analysis
Bitcoin Cash price chart by Trading View
At the time of writing, Bitcoin Cash traded at $297.26 US Dollars. The coin had hit the day’s lowest at $287.43.
Will BCH move towards $300 next?
The Trading View analyst Generation Forex is of the opinion that Bitcoin Cash is ready to make its next bullish move. The analyst believes that the cryptocurrency will rise past the $300 mark soon.
Bitcoin Cash price chart by Trading View
The analyst drew an ascending trendline below the BCHUSD pair’s movement from the 28th of July. As per the analyst’s idea, Bitcoin Cash should lift off past the $300 level once it breaks past the $293 to $297 range, which is marked as a white box on the chart above.
The analyst suggested traders buy the cryptocurrency if the hourly candle in the chart closes above the white box.
What to expect from Bitcoin Cash price?
Scalper, the Trading View analyst, also highlighted an ascending trendline below the BCHUSD pair that starts from the 8th of March 2020.
Bitcoin Cash price chart by Trading View
On the 27th of July, the BCHUSD pair moved above the 200-Day Moving Average, while the Relative Strength Index (RSI) shows an overbought coin on the daily charts. The blue ascending trendline indicates the support line for an ascending triangle, while the first resistance lay at the $270.9 level that BCH broke on the 27th of July.
Bitcoin Cash appears to be heading towards the $304.8 resistance, which can be considered as the resistance of the bigger ascending triangle pattern. Bitcoin Cash is expected to test the $304.8 resistance next; if it breaks past this resistance, then the cryptocurrency may see further gains.
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.
