At the beginning of July 2020, the Bitcoin Cash price line rose towards the $226 level, while it traded within a day’s range of $221.10 to $226.55.
1-Day Bitcoin Cash price analysis (1st July)
Bitcoin Cash Price Chart by Trading View
Bitcoin Cash traded at $224.02 US Dollars at the time of writing.
What to expect from the BCHUSD pair?
Kyer, the TradingView analyst, previously highlighted two entry points for the BCHUSD pair, which have been met by the trading pair.
Bitcoin Cash Price Chart by Trading View
The BCHUSD pair fell below the $210 mark after crashing on the 27th of June. It was suggested that the cryptocurrency will retrace above the $222 level, with $213 and $222.5 as the entry points. The analyst stated that they entered at $219 with a stop-loss at the $218 mark. However, since now the price is near $225, the analyst has placed their stop-loss at $222.5.
The analyst also stated that they will target the wick of the downtrend and attempt to sell there before reevaluating.
Bitcoin Cash appears to form ascending triangle
Pavel Gorlov is a TradingView analyst who believes that the BCHUSD pair will break past resistance near $225.
Bitcoin Cash Price Chart by Trading View
As per the idea chart, the BCH price touched the resistance at $225.75 on the 1st of July, while the ascending support line is drawn below the BCHUSD pair’s trajectory that starts from the 29th of July.
The analyst had suggested that the BCH price will roll back towards the rising support line before retesting the $225.75 resistance. But during the retest, the analyst believes that the BCH price will break past the resistance during this attempt.
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.
