The Bitcoin Cash price line observed a bounce just before approaching the 30th of June. Trading Guru, the crypto analyst, believes that the BCHUSD pair will continue to be bearish as the technical indicators have not shown any signs for the downtrend to be broken.
1-Day Bitcoin Cash price analysis (30th June)
Bitcoin Cash price chart by Trading View
On the 30th of June, Bitcoin Cash was observed trading at $221.58 US Dollars at the time of writing.
Bitcoin Cash price: What to expect?
Trading Guru highlights a descending parallel channel on the hourly chart for the BCHUSD pair. The analyst believes that Bitcoin Cash will continue to fall, and it has not achieved the bullish momentum yet.
Bitcoin Cash Price Chart by Trading View
The start of the descending channel can be observed from the 24th of June, while the BCHUSD pair broke below the descending channel on the 27th of June. The price line fell towards the $210 mark, after which it gradually climbed back into the trading channel.
As observed in the idea chart above, the analysts expected that the price line will continue its bearish momentum while they explained that Bitcoin Cash has shown no reason for the recent downtrend to be broken, which is while it should still be bearish.
The analyst advised buyers to enter a short position on a good entry point because the price was expected to go up at the time. The idea came into play, while the BCHUSD pair moved towards the upper boundary of the descending channel, which seems to act as a descending trendline.
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.