Bitcoin Cash price falls below $160: what’s next?

The Bitcoin Cash price line saw a gradual uptrend on the 15th of March while it headed across the $192 mark. The cryptocurrency fell on the 16th of March and slipped below the $160 level. The currency trades within a day’s range of $150.96 — $188.98. Bixley is a trading view analyst who believes that BCH has returned to the descending parallel channel.

1-Day Bitcoin Cash Price Analysis (15th March)

Bitcoin Cash Price Chart

Bitcoin Cash Price Chart by TradingView

The cryptocurrency began the day’s trade above the $164 mark after which it saw a gradual incline towards the $180 level. After 21:30 GMT, the coin saw an immediate uptrend across the $192 mark shortly after which it came down to the $180 level. BCH saw to the day’s closure with a trading value of $180.07 US Dollars and it saw bears at 06:00 GMT which caused the trading value to drop below the $160 level. At the time of writing, BCH trades at $156.99 US Dollars.

Bitcoin Cash: predictive analysis

Bixley is of the opinion that the cryptocurrency has returned to the descending parallel channel that it had formed.

Bitcoin Cash Featured Price Chart

Bitcoin Cash Featured Price Chart by TradingView

The crypto analyst suggests that this pattern can be interpreted as a bump and run that may cause a fall below the parallel channel as well. It was also rejected by the 200-Day Moving Average (MA).

Featured Image by John Schnobrich.

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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