Bitcoin Cash price returns to $304, bears ahead?

Bitcoin Cash price returns to bears ahead

The Bitcoin Cash price fell below the $300 mark on the 16th of August, after which the cryptocurrency returned to the $304 level. Alexander Harford is a Trading View analyst who believes that the BCHUSD pair will observe a downtrend soon.

1-Day Bitcoin Cash price analysis

Bitcoin Cash price chart 1 - 16 August

Bitcoin Cash price chart by Trading View

At the beginning of the 16th of August, the BCH price line stood shy of the $304 level, after which it rose towards a day’s high of $314.09 US Dollars. At the time of writing, Bitcoin Cash traded at $304.83 US Dollars.

What to expect from the Bitcoin Cash price?

The Trading View analyst Alexander Harford is of the opinion that the BCHUSD pair is currently under a downtrend and that it will fall towards the $290 mark next.

Bitcoin Cash price chart 2 - 16 August

Bitcoin Cash price chart by Trading View

In their technical analysis, the crypto analyst highlighted two important support levels for the BCHUSD pair. The first support was placed at the $220.8 mark, whereas the second support line was drawn at the $272.9 level. The cryptocurrency had recently touched the second support twice, after which it bounced towards the resistance that lies shy of $310.

As per the idea, Bitcoin Cash should now fall under the descending trendline as it has tested the resistance at the $309 level. If this idea comes into play, a possible hanging man pattern may be observed by the BCHUSD pair, which will then cause the price line to fall towards the $290 level. The hanging man is a bearish reversal pattern that is constructed of a single candle.

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.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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