On the 4th of August, the Bitcoin Cash price line fell towards the $286 mark. The cryptocurrency is expected to move towards the $315 mark in a short-term trade.
1-Day Bitcoin Cash price analysis
At the beginning of the day’, the cryptocurrency traded near the $298 mark, after which it approached a day’s high of $302.79. As the day proceeded, the price line descended on the charts until it touched a low of $281.83.
The BCH price moved towards the $290 mark before closing on the 4th of August, at the time of writing, Bitcoin Cash traded at $288.56 US Dollars.
What’s next for Bitcoin Cash price?
The Trading View analyst Project Syndicate is of the opinion that the cryptocurrency will make its way past the $315 soon.
Bitcoin Cash price chart by Trading View
After its recent drop, the crypto analyst believes that the BCHUSD pair will move towards the $260 level. Here, Bitcoin Cash will approach a low buying zone, which will allow gains of more than 20% in the short-term.
The cryptocurrency underwent a strong accumulation phase between March and July, and the heavy price pump hit a strong resistance near the $329 mark. The key resistances lie at $315 and $330, while the important support levels are marked at $265 and $280.
The analyst suggested that traders buy near the $265 level once the cryptocurrency’s price falls. The target price for this trade idea is at the $315 mark, which shows expected gains of over 20%.
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.