On 1st June, the Bitcoin Cash price line was observed moving upwards on the charts. The cryptocurrency saw a gradual uptrend across the $254 level.
Through most of the day, the BCHUSD pair traded near the $242 mark, while it had a day’s range of $237.41 — $254.12.
1-Day Bitcoin Cash price analysis (1st June)
The coin began the trade month’s trade with a price near the $238 level. The price trajectory held below the $244 until after 21:00 GMT, after which the price line observed a sharper rise towards the $254 mark. At its highest, the BCHUSD trading pair approached the $254.12 mark, while it traded at $253.38 US Dollars at the time of writing.
The Relative Strength Index (RSI) moved to a high of 78.36 at the time the BCHUSD stepped onto a sharper upward movement. This shows that Bitcoin Cash was mildly overbought at the time. The RSI was at 54.06 at the time of writing.
Bitcoin Cash trades below $267 resistance
Kyer is a TradingView analyst who believes that the cryptocurrency will continue to hold the $267 monthly resistance instead of falling below and dumping towards the $222 support level.
Bitcoin Cash Price Chart by Trading View
Bitcoin Cash hit the 1st sell target of $246.3 on 30th May. The cryptocurrency continues to trade above the sell target instead of dumping towards the $222 support level. The dump is also likely; however, the trading analyst says that BCH is currently waiting on entry, and it’s not too likely for the cryptocurrency to dump towards the $222 support level as of now.
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.