The Bitcoin Cash price line touched the $290 mark on the 12th of August. The BCH price is expected to retest above the $400 mark if it moves above the 50 and 200-Day Moving Averages.
1-Day Bitcoin Cash price analysis
At the beginning of the day’s trade, the coin stood near the $282 mark. Just after 06:00 GMT, the BCH price fell to a day’s low of $271.83. At the time of writing, Bitcoin Cash was observed trading at $283.12 US Dollars.
The 20-Day Exponential Moving Average (20EMA) closed at $283.24, whereas the 50-Day Moving Average (50MA) was observed at $283.62 at the time of writing. The Relative Strength Index (RSI) rose to a day’s high of 85.81 near 08:00 GMT, which means that Bitcoin Cash was overbought at the time.
Will Bitcoin Cash price line rise past $400?
The Trading View analyst Magic Poop Cannon highlighted a symmetrical triangle pattern for the BCHUSD pair on its 3-Day trading chart. The analyst believes that the cryptocurrency’s price will retest the descending resistance of the triangle trading pattern.
Bitcoin Cash price chart by Trading View
The analyst suggested that if the BCH price rose above the 50MA and the 200-Day Moving Average (200MA) technical indicators then BCH will become bullish. Bitcoin Cash previously tested the upper boundary of the triangle pattern on the 12th of February 2020 and since the 3-Day golden cross recently took place, BCH is expected to rise towards the falling resistance again.
The cryptocurrency has been holding the bottom of the triangle as a support level, which means that the bulls may kick in soon enough. As per the idea, there is a chance for a 100% upside gain which may allow BCH to test the upper boundary of the triangle.
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.