- The price of Bitcoin Cash has slipped below the $295 mark
- BCH has lost the momentum that took its price to a daily high of $324.56
- Bitcoin Cash will rise to the $507 mark in the coming weeks
Bitcoin Cash News Today – the last few weeks have been good for digital assets in general except a few minor drops. The digital asset BCH rallied well this period and even approached the $324.56 area which was a daily high at the time. Things we looking smooth for BCH until the last 24-hours of trade. The price of Bitcoin Cash made its way below the $304 area at the start of the session on August 18.
Despite the current bearish situation, one analyst believes the digital asset will still rise and cross the $500 mark. TradingView analyst Arish Patel, believe that the price of Bitcoin Cash will retest the $507 area which is a resistance level in the long-term trade outlook.
What Should We Expect from the Bitcoin Cash Price?
The digital currency managed to approach a daily high of $324.56. As of when this content was published, the price of Bitcoin Cash was changing hands at $294 against the USD. The Trading View analyst Arish Patel has predicted that the BCH/USD trading pair will rise to the traded area in the long-term trade outlook.
The analyst concluded by highlighting a parallel trade channel for the BCH/USD trading pair. The digital currency has reportedly been trading along this channel since April this year. While the pair managed to observe several charges while breaking beneath the above-mentioned channel, it eventually retraced to its recent range of $275 – $507.
Bitcoin Cash Will Rise to the $507 Mark
The analyst Arish Patel suggested that the Bitcoin Cash price will move to as high as the $507 mark. This is a long-term trade action as stated above. The analyst also talked about a previous behavior displayed by the digital asset. At the time the price of Bitcoin Cash moved across the $275 support after which it retraced back below the support. This was followed by a rise to the $507 price region. The digital currency’s price has since been accumulating following the March 2020 price crash.
On July 26, the price broke above the support area of the parallel channel. It has since observed some consolidation above this support. The current situation could be a positive move for Bitcoin Cash. It may be a stepping stone to a rise towards $507 which is a resistance.