The Bitcoin Cash price line trod towards the $298 level on the 5th of August. The coin is expected to show a retracement before it tests any resistances above the $310 mark.
1-Day Bitcoin Cash price analysis
At the beginning of the 5th of August, the BCH price line stood above the $288 mark, after which it receded towards the $284 level. The cryptocurrency fell to a day’s low of $283.97 US Dollars.
As the day proceeded, the cryptocurrency’s price trajectory made its way towards the $298 mark and closed the day’s trade at a price of $295.44 US Dollars.
The 20-Day Exponential Moving Average (20EMA) closed at the $294.98 mark, whereas the 50-Day Moving Average (50MA) was observed closing at the $295.49 level. The Relative Strength Index (RSI) was seen at 50.23 at the time of writing. At 01:20 GMT, the RSI fell to a low of 23.70, which shows that the cryptocurrency was oversold at the time.
What’s next for Bitcoin Cash price?
The Trading View analyst Sunny Hill Capital believes that the BCH price will show a correction towards the $260 mark before rising past the $315 mark.
The analyst highlighted the retracement line near the $255.30 level, and they expect that the cryptocurrency’s price will fall towards this range next. After the retracement, if the correction takes place as per the analyst’s idea, then the price line will bounce off near the $260 level and return above the $300 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.