The Bitcoin Cash price experiences an uptrend on the 2nd of March. Previously, the price had fallen down to $308 mark, however, after a bullish momentum on the 2nd of March, the coin reached across the $343 mark on the price chart.
Kyer, a trading view analyst, believes that the cryptocurrency fell to the $305 mark after not breaking through or closing above the $515 mark.
1-Day Bitcoin Cash price analysis (2nd March)
The cryptocurrency saw an uptrend after it started the day’s trek with a trading price of $311.5 US Dollars. The bulls gradually led the price to a day’s high of $343.1 US Dollars, after which it lowered its slope and reached its current trading price of $332.480 US Dollars.
The 20-Day Exponential Moving Average (EMA) closed the day at $334.086905, while the 50-Day Moving Average (MA) closed the trade at $336.471600. The Relative Strength Index (RSI) was observed at 41.31.
Bitcoin Cash: predictive analysis
Kyer is of the opinion that the Bitcoin Cash / US Dollar trading pair fell towards the $305 mark, after the BCHUSD pair failed to close above the $515 level.
The cryptoanalyst highlights the monthly support found at the $305.0 mark and suggests that the cryptocurrency will not fall below this mark.
As of yet, the predictive analyst seems to be coming true as the cryptocurrency stopped its bearish momentum when it reached the $305 mark. In other words, it is suggested that Bitcoin Cash has stopped bleeding after reaching the $305.0 mark.
Featured Image by Louis Harang.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.