Bitcoin Cash price rises to $260: what’s next?

Bitcoin Cash price rises to what s next

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)

Bitcoin Cash Price Chart

Bitcoin Cash price chart by TradingView

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 Featured Price Chart

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.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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