On the 23rd of June, the Bitcoin Cash price line moved past the $243.50 level. Moon is a crypto analyst who believes that there is a huge bullish Gartley forming on the monthly BCHUSD chart.
1-Day Bitcoin Cash price analysis (23rd June)
Bitcoin Cash price chart by Trading View
At the time of writing, Bitcoin Cash traded at $240.51 US Dollars. The Relative Strength Index (RSI) reached a high of 70.61 at 17:01 GMT.
This shows that the cryptocurrency was only slightly oversold. For the rest of the day’s trade, the RSI indicator for BCHUSD stayed in its normal range. At the time of writing, the technical indicator was observed at 56.06.
Bitcoin Cash price; what’s next?
Rizo is a Trading view analyst who believes that there is a symmetrical triangle pattern on the hourly charts.
Bitcoin Cash price chart by Trading View
The crypto analyst suggested that the BCHUSD pair indicates a major symmetrical triangle pattern, while it seems to continue the range that was started on the 31st of March.
The analyst further stated that if the $278.38 mark is broken, the cryptocurrency will continue an uptrend towards the $352.96 level.
Bitcoin Cash price movement Gartley bullish?
Moon is another TradingView analyst who has indicated the formation of a bullish Gantley on the BCHUSD monthly chart.
Bitcoin Cash price chart by Trading View
The analyst stated that the BCH price appears to move towards the potential reversal zone for this big bullish Gartley pattern.
The analyst indicated that the buying zone lies from $242.32 to $167.94. Whereas the Fibonacci projection lies from $300.84 to $441.41. If this pattern plays out and the bullish Gartley takes place, then BCH will have moved towards the $400 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.
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