On 8th July, the Bitcoin Cash price turned bullish and trod past the $245 mark before settling near the $243 level. At the time of writing, the cryptocurrency was observed trading at a price of $243.07 US Dollars.
1-Day Bitcoin Cash price analysis (8th July)
At the beginning of the day, the BCH price line slipped below the $236 mark, where it saw a day’s low of $235.84 US Dollars, shortly after which the cryptocurrency turned bullish and moved towards the $244 mark.
In the afternoon, the price line observed a brief retracement to the $241 level before it gained a day’s high of $246.00 US Dollars. At the time of writing, the cryptocurrency traded at $243.07 US Dollars.
The Relative Strength Index (RSI) rose to a high of 78.98 at 11:02 GMT, which shows that the cryptocurrency was overbought at the time. At the time of writing, the RSI was observed at 58.07.
What to expect from the Bitcoin Cash price?
Pidenuze is a TradingView analyst who has drawn an idea for the BCHUSD pair on the 4H charts.
Bitcoin Cash price chart by Trading View
The analyst believes that the cryptocurrency will see a downtrend towards the $205 mark. As per the chart above, the probable downtrend is drawn using a trajectory that the cryptocurrency is expected to follow.
As per the analyst, the BCHUSD trading pair will gradually make its way towards the $205 level. Currently, the cryptocurrency trades above the $240 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.