The Bitcoin Cash price line turned bullish on the 6th of August and rose towards the $304 level. The cryptocurrency is expected to retest the resistance level above $330.
1-Day Bitcoin Cash price analysis
Bitcoin Cash price chart by Trading View
At the start of the day, the cryptocurrency traded at the $294 mark, after which it receded towards the $290 level. BCH price was observed at $303.32 US Dollars at the time of writing.
What to expect from Bitcoin Cash price?
The Trading View analyst Olutobi Ogunsemore is of the opinion that the BCH price may break upwards from the symmetric triangle trading pattern.
Bitcoin Cash price chart by Trading View
The analyst highlighted the support line near the $280 mark, after which the cryptocurrency has been trading since the 29th of July, with an exception to the price dump that occurred on the 2nd of August. The analyst believes that the cryptocurrency may now be breaking out of the symmetric triangle pattern, which will allow BCH price to turn bullish and rise towards the resistance level above the $330 mark.
On the 6th of August, the cryptocurrency rose past the upper trendline of the triangle trading pattern and reached above the $300 mark. As per the idea, the cryptocurrency should move towards the $310 mark after breaking out of the trading pattern, after which it is expected to see a slight retracement towards the $300 level followed by a run towards the $330 level. If the idea comes into play, the cryptocurrency will reach and test the resistance above the $330 mark, that it previously met on the 2nd of August before the price dump occurred.
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.
