The Bitcoin Cash price line continued trading within the $230 — $240 range after the price dumb that occurred at the beginning of the 10th of May.
As BTC moved below $8400, the BCHUSD pair followed the cryptocurrency by exhibiting a curve bent downwards after 18:00 GMT on the 11th of May. At the time of writing, BCHUSD had a day’s range of $217.55 — $238.60.
1-Day Bitcoin Cash price analysis (11th May)
Bitcoin Cash Price Chart by TradingView
After the cryptocurrency’s price dump on the 10th of May, Bitcoin Cash drew a price graph about the $235.00 level. The cryptocurrency moved towards the $220 mark when the RSI fell bearish in the evening, after which it appears to have returned above the $230 level. At the time of writing, BCHUSD was observed at $232.65 US Dollars.
Bitcoin Cash: technical indicators
Bitcoin Cash price chart by TradingView
The moving averages varied about the $235.00 level throughout the 10th of May, and until 16:00 GMT on the 11th of May. This shows that the BCHUSD pair traded above and below the $235.00 level for most of its trade. The 20-Day Exponential Moving Average (EMA) closed at $235.53, while the 50-Day Moving Average (MA) closed below the 20EMA, at $231.85.
The Relative Strength Index (RSI) fell to 13.85 at 16:00 GMT. The low value of the RSI shows that the cryptocurrency was oversold at the time of the price fall. Just before closing, the RSI turned bullish and it moved to a high of 87.68, which shows that Bitcoin Cash was overbought at the instance. At the time of writing, the RSI was at 53.48.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.