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Home News Bitcoin Cash News

Bitcoin Cash price varies near $286, what to expect?

Taha Farooqui by Taha Farooqui
August 4, 2020
in Bitcoin Cash News
2 min read
Bitcoin Cash price varies near $286, what to expect?
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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

Bitcoin Cash price chart 1 - 4 August

Bitcoin Cash price chart by Trading View

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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 2 - 4 August

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.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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