Bitcoin Cash price settles near $285, what’s next?

Bitcoin Cash price settles near $285, what’s next?

On the 2nd of August, Bitcoin Cash price fell from above the $330 level to below the $250 mark, after which the price settled near the $280 mark.

1-Day Bitcoin Cash price analysis

Bitcoin Cash price chart 1 - 2 August

Bitcoin Cash price chart by Trading View

For the day’s lowest, Bitcoin Cash fell to a low of $244.6, whereas the cryptocurrency was at a day’s high of $337.54. At the time of writing, BCH traded at $287.83 US Dollars.

What to expect from Bitcoin Cash price?

The Trading View analyst Naif has provided technical analysis for the BCHUSD pair on its 1-Week chart.

Bitcoin Cash price chart 2 - 2 August

Bitcoin Cash price chart by Trading View

The analyst believes that the cryptocurrency will make its way towards the key resistance at the $630 level. The BCHUSD pair has tested the $630 resistance twice, and now it appears to move towards testing it again. The current trading pattern can be termed as an ascending triangle with the upper resistance level at the $630 mark.

Naif has shown that if the cryptocurrency successfully breaks past this key resistance level, then it will rally upwards with up to 500% gains. This means that the first target price for this trade lies at $940, then the second target price was placed at $1756 and the third one at $2950. If this trade plays out and the cryptocurrency approaches $2950, then the analyst believes that the road for BCH will be open, and it may even travel towards the $11800 level.

What’s next for BCH?

Another Trading View analyst, Trader OMS, has shown that the cryptocurrency will rise towards the $500 mark.

Bitcoin Cash price chart 3 - 2 August

Bitcoin Cash price chart by Trading View

The analyst built a key resistance level above the $335 level. The next target price for this trade is placed near this resistance and if Bitcoin Cash moves past this resistance, it is expected to rise towards the $409 mark, followed by the $498 level.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement.

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