The Bitcoin Cash price line moved above the $252 mark as it approached the 31st of May only to retrace back to the $244 range.
As the day proceeded, the cryptocurrency stepped down on the chart and fell towards the $244 level. For the 24hour trade, BCH traded within a day’s range of $242.27 — $252.73.
1-Day Bitcoin Cash price analysis (31st May)
The cryptocurrency observed a continuous uptrend on the 30th of May, where it rose from its price of $238 at the start of the day, to $252 by the end of the day. The total increase in price amounted to over 5.5% of the cryptocurrency’s value at the beginning of the 30th of May.
On the 31st of May, BCHUSD saw a day’s high of $252.73 US Dollars. As the day proceeded, the coin observed a decline in its price. At the time of writing, the cryptocurrency traded at $243.27 US Dollars.
The Relative Strength Index (RSI) moved to a high of 78.74 at the time the cryptocurrency was priced at its highest, while it moved to a low of 21.90 at the time of the fall. This shows a mild oversold instance for BCH. The RSI was observed at 45.31 at the time of writing.
Bitcoin Cash: trade in parallel ascending channel
Trading-Guru is a TradingView analyst who suggested that the BCHUSD pair would see another buying opportunity before seeing a rise in its price.
The crypto analyst had posted a similar idea for the cryptocurrency’s play on the 30th of May. Bitcoin Cash rose across the pivot point of parallel ascending channel. Though, the BCHUSD pair did not play as Trading-Guru stated that it would, instead, the price went high at first and rose across the upper boundary of the parallel channel.
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.