As Bitcoin price fell to the nearest support for the 20th of May, the altcoins followed the downtrend. The Bitcoin Cash price line fell towards the $236 level as the Relative Strength Index (RSI) depicted a bearish convergence.
1-Day Bitcoin Cash price analysis (20th May)
Bitcoin Cash traded above the $246.00 level until 15:00 GMT. After this, the cryptocurrency turned very bearish and fell short towards the $236 mark. The RSI fell below the 20.00 mark and the cryptocurrency gradually moved towards the $240 mark as the day proceeded towards its end. At the time of writing, BCHUSD traded at $240.84 US Dollars.
Bitcoin Cash: technical indicators
The moving average technical indicators fell as the BCHUSD trading pair turned bearish in the evening of the 20th of May. The moving averages travelled between the $238 and $240 levels for the rest of the day’s trade. The 20-Day Exponential Moving Average (EMA) closed at $240.88, while the 50-Day Moving Average (MA) closed at $240.46.
The Relative Strength Index (RSI) moved near the 50.00 level until the price fall, which is when the RSI fell to a low of 14.48. Which shows that Bitcoin Cash was oversold at that time. At the time of writing, the RSI was observed at 49.94.
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.