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Bitcoin Cash price rests near $232: ascending triangle up ahead?

Bitcoin Cash price appears to be forming an ascending triangle pattern on the 4-hour charts, while the cryptocurrency reached the $232 mark on the 25th of June.

1-Day Bitcoin Cash price analysis (25th June)

Bitcoin Cash Price Chart by Trading View

Just before 03:00 GMT on the 25th of June, BCH price fell towards the $226 mark, after which the cryptocurrency’s price graph regained its height on the daily charts. At the time of writing, Bitcoin Cash was observed trading at $232.00 US Dollars.

The Relative Strength Index (RSI) reached a high of 82.11 near 08:00 GMT on the 25th of June. This shows that the cryptocurrency was overbought at the instance. Near 03:00 GMT, the RSI indicator touched a low of 16.25. Such a low value for the technical indicator depicts that the cryptocurrency was oversold at the time.

Bitcoin Cash price movement; ascending triangle ahead?

Guapeva is a TradingView analyst who believes that the BCHUSD pair will form an ascending triangle trading pattern up next.

Bitcoin Cash price 2 - 25 June

Bitcoin Cash Price Chart by Trading View

As per the idea, the resistance level of the ascending triangle lies near $262, whereas the cryptocurrency currently trades near the support of the ascending triangle pattern. The stop-loss was indicated at the $227 level.

The analyst believes that the Bitcoin Cash / US Dollar trading pair will move towards the resistance of the trading pattern. If this trade comes into play, the cryptocurrency will turn bullish and rise towards the $262 mark, near which the upper resistance of the ascending triangle pattern lies.

The Moving Average Convergence Divergence (MACD) indicator depicts a hidden bullish divergence. On the 4-hour chart, the Relative Strength Index (RSI) lies at 40.76.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. holds no liability towards any investments based on the information provided on this page.

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