The Bitcoin Cash price line returned towards the $240 mark on 13th June. Future Blockchain, a crypto analyst on the Trading view, believes that there is an ascending triangle pattern forming on the BCHUSD charts.
1-Day Bitcoin Cash price analysis (13th June)
The cryptocurrency shows a ruffled price trend for 13th June. The BCHUSD pair was priced near the $240 level at the beginning of the day. At the time of writing, Bitcoin Cash traded at $239.90 US Dollars.
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Bitcoin Cash price in ascending triangle pattern?
Future Blockchain is a TradingView analyst who has suggested that an ascending triangle pattern seems to be forming on the BCHUSD charts.
The idea’s chart shows that the ascending triangle has been forming after the price drop on 12th March. The horizontal resistance of the ascending triangle lies at $265. Although the uptrend line was broken by the pair on 11th June, Bitcoin Cash observed a pullback before testing the horizontal support that lies near the $225 — $228 range.
The crypto analyst has suggested that the cryptocurrency may turn bullish next, which will allow the cryptocurrency to reach a new high above the $265 level. The target price for this scenario lies near the $278 mark, where the next Fibonacci retracement level is situated. This idea will come into play if the pair breaks above the ascending triangle pattern.
Bitcoin Cash price trading orders
Quant Trader X is another important TradingView analyst who has marked trading orders for the BCHUSD pair.
In this trade, the sell stop lies at the $230.63 mark. The sell stop order will stop the selling of the cryptocurrency when the said price parameter is achieved. The stop-loss order was placed at $246.67 by the crypto analyst, meaning that the traders should sell or buy once the price approaches the mark.
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.