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Today's winner:Bitcoin Cash price varies near $296, what to expect?Taha Farooqui
The Bitcoin Cash price line traded with brief rises and falls between the $288 to $298 levels on the 14th of August. The cryptocurrency’s price closed above the $292 mark.
Bitcoin Cash price chart by Trading View
At the start of the 24-Hour trade, the BCH price stood at $298.15 and then it rose to a day’s high of $298.45 US Dollars, after which it descended towards the $290 to $294 range. The price line varied close to this range until after 16:00 GMT, after which it returned to the $298 level. At the time of writing, Bitcoin Cash traded at $294.9 US Dollars.
Sunny Hill Capital is a Trading View analyst who drew an ascending parallel channel for the BCHUSD pair and they believe that the cryptocurrency will form an Elliott wave pattern.
As per the idea, the cryptocurrency is expected to rise above the $335 mark, where the analyst laid a buying level at $337.9 mark. Before the rise in the cryptocurrency’s price comes in to play, the price line is expected to drop towards the $255 mark. If the wave correction occurs and the price line rises to wards $337.9 level, BCH price may rise to the $480 mark with 161.8% gains towards the upside.
However, if the cryptocurrency falls to $245, this order will be invalidated and the Elliot wave pattern may not come into play.
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.