Bitcoin Cash price sees some price recovery towards the $420 mark. The cryptocurrency’s price line has started to rebound after retesting the supports placed near the $394.00 and $380.00 levels.
The trading view analyst RSibayan believed that if the support zones failed to hold, the price would have fallen to the $334 mark.
1-Day Bitcoin Cash Price Analysis (18th February)
The price chart above shows the ongoing bullish momentum for Bitcoin Cash that has allowed the cryptocurrency to gain price across the $420.00 mark. The price curve can be seen climbing up on the price chart for the 18th of February, after falling to the $370 level on the 17th of February.
At the time of writing, the value for the Relative Strength Index (RSI) is 40.12, whereas the other two technical indicators closed the day with their values set right above the BCHUSD pair. The 20-Day Exponential Average (EMA) closed at $419.915419, and the 50-Day Moving Average (MA) concluded at $420.751400. Currently, BCH trades at $418.260000.
Bitcoin Cash: Predictive Analysis
While writing the predictive analysis for BCH, RSibayan discussed how the cryptocurrency would fall to $334.14 at a Fibonacci retracement of 0.5, if the support zones (marked in blue and green in the chart below) fail to hold out.
The crypto analyst discussed that the cryptocurrency might re-test the support zones placed near $394 and $380 before it rebounds. The predictive analysis turned out to play well, and the BCH retested near the second support zone (green).
Featured Image by Ray Hennessy.
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.