After rising across the $233 level on the 27th of May, the Bitcoin Cash price line saw another bullish momentum towards the end of the 24-hour trade. The cryptocurrency rose across the $238 level, while it traded within a day’s range of $229.04 — $238.09.
1-Day Bitcoin Cash price analysis (28th May)
Bitcoin Cash price chart by Trading View
Bitcoin Cash stood below the $228 level at the beginning of the 27th of May. The BCHUSD trading pair has exhibited an increase of 4% over the past two days. BCH moved past the $233 level on the 27th of May, while it rose towards the $238 mark before ending the 24-hour trade on the 28th of May. At the time of writing, the cryptocurrency traded at $237.18 US Dollars.
Bitcoin Cash: $246 next?
Kyer is a TradingView analyst who believes that Bitcoin Cash should see the $246 price level as its upcoming sell target.
Bitcoin Cash price chart by Trading View
The idea appears to be in play as the BCHUSD trading pair continues to hold the $222 support level. The cryptocurrency’s recent movement towards the $238 mark means that BCHUSD should test the $246 resistance next.
Bitcoin Cash: uptrend towards the $267 resistance?
Bitcoin Cash price chart by Trading View
Another TradingView analyst, Mlnklkm believes that best buy lies above $265 for Bitcoin Cash. However, this idea is for a long trade, and traders are asked to wait.
On its daily time interval, the Relative Strength Index (RSI) moved past 81.00 at the time the BCHUSD pair moved towards the $238 mark. This means that the cryptocurrency appeared overbought at the time.
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.
