Bitcoin Cash price approaches $305, what’s next?

The Bitcoin Cash price line showed ruffled price movements on the 8th of August. The cryptocurrency closed the day near the $302 mark after trading within the day’s range of $297 to $310.

1-Day Bitcoin Cash price analysis

Bitcoin Cash price chart 1 - 8 August

Bitcoin Cash price chart by Trading View

After beginning the trade near the $302 level, the BCH price line fell to a day’s low of $297.76 US Dollars. Towards noon, the cryptocurrency gradually rose towards a day’s high of $309.61. At the time of writing, BCH traded at $305.15.

What to expect from Bitcoin Cash price?

Sunny Hill Capital is a Trading View analyst who believes that the cryptocurrency will form an Elliot wave soon. 

Bitcoin Cash price chart 2 - 8 August

Bitcoin Cash price chart by Trading View

The analyst drew their analysis for the BCHUSD pair on the 4-Hour chart, where the BCHUSD pair was placed inside a descending parallel channel. The analyst believes that the cryptocurrency will now fall to a Fibonacci zone above the $270 mark, after which it may either resume the uptrend on fall to the next Fibonacci zone placed right below the $260 level before turning bullish.

The first Fibonacci zone was placed between the $271 and the $273 levels, while the second Fibonacci zone was placed between the $255 and the $259 marks.

If the idea takes place, the cryptocurrency’s price trajectory is expected to rise towards the upper boundary of the descending parallel channel. This may allow BCH price to retest the resistance above the $310 mark and finally break past it.

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.

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