The trading view analyst, BrazilNuts, believes that the Bitcoin Cash price is expected to consolidate at the bottom of the bearish market for the next 18 months. This includes the end of next year, or maybe even the next year until or unless the cryptocurrency sees a breakout. On the 12th of February, the cryptocurrency returned towards the $470.00 mark after trading with an irregular price trend.
1-Day Bitcoin Cash Price Analysis (12th – 13th February)
The cryptocurrency started the day with a price below the $467.50 level, after which it rose above the $482.50 mark after 06:00 GMT. The coin fell back below the $467.50 by 10:08 GMT. The cryptocurrency reached a day’s high of $486.239657 US Dollars by 07:09 GMT. The BCH/USD trading pair fell to $458.007388 US Dollars by 09:25 GMT.
Following the $466.4100 low BCH price went as high up to $499.51 mark but unable to sustain the six-month high point Bitcoin Cash price fell down to $489.00 mark.
At the time of writing the coin regained some price and reached its current trading price of $490 US Dollars.
Bitcoin Cash: Predictive Analysis
BrazilNuts suggests that Bitcoin Cash is expected to consolidate at the bottom of the bear market until the end of this year, or maybe even in the next year as well. The analyst further stated that the consolidation will continue until a breakout occurs for the cryptocurrency.
The Relative Strenght Index (RSI) is also shown to be well overbought on a lower higher high, which increases the chances of this prediction to take place.
Featured Image by Abigail Keenan.
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.