Bitcoin Cash price heads back to $228

The BCHUSD trading pair traded within a day’s range of $199 to $227, the Bitcoin Cash price line was observed heading across the $225 level.

azarmanesh is a TradingView analyst who explained that the cryptocurrency gave a trend reversal signal that was based on a bearish divergence, however, this does not imply that the market has become bearish.

1-Day Bitcoin Cash Price Analysis (23rd March)

Bitcoin Cash Price Chart

Bitcoin Cash Price Chart by TradingView

On the 23rd of March, the cryptocurrency showed ruffled price movements after starting the trade near the $205.00 level. The coin headed up across the $225 level after 13:00 GMT and saw a day’s high of $227.216762 US Dollars. After some while, the price line retreated towards the $217 level and continued trade between the $210 and $222.50 marks until the end of the day. The coin closed the day’s trade with a value of $223.675348 US Dollars. At the time of writing, the BCHUSD pair traded at $220.680 US Dollars.

Bitcoin Cash: pullback using bearish signals?

According to azarmanesh’s analysis, the market gave a trend signal based on a bearish divergence. The price reversal occurred at the $210 support level.

Bitcoin Cash Featured Price Chart

Bitcoin Cash Featured Price Chart by TradingView

The crypto analyst stated that the price reversal does not mean that the cryptocurrency’s market has turned bearish, and a pullback can be caught using the bearish signal.

The idea does appear to come to play as a pullback has taken place and the price line has headed towards the $228 level, and hence, the market maintains the potential for an uptrend.

Featured Image by William Iven.

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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