As Bitcoin makes a short term bullish movement on the 7th of May, Bitcoin Cash price heads above the $256 mark. ScottCarney believed that the cryptocurrency would move towards the $260 over the day’s trade as it completed the 1-hour bullish crab.
1-Day Bitcoin Cash price analysis (7th May)
The cryptocurrency rested near the $238 mark at the beginning of the day, while it traded between the levels $242 and $248 until 18:00 GMT.
According to the chart, at 18:05 GMT, the RSI had moved to a high of 89.82, which shows that Bitcoin Cash was overbought at that time. After this, the cryptocurrency appeared bullish and jumped across the $254 level. The coin approached a day’s high of $258.32, while at the time of writing, Bitcoin Cash traded at $255.09 US Dollars.
Bitcoin Cash: what’s next?
The crypto analyst suggested that Bitcoin Cash will move towards the $260, and the cryptocurrency had completed the 1-hour bullish crab while retesting the entire Potential Reversal Zone.
Bitcoin Cash price chart by TradingView
This idea currently seems to be in play as the Bitcoin Cash / US Dollar trading pair turned bullish and moved across the $256 mark.
At the time of writing, the cryptocurrency was under a bullish momentum, while the Relative Strength Index (RSI) approached 50.00 on the daily chart.
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.