Bitcoin Cash price briefly jumped above the $241 level on the 17th of June. The price line seems to have returned towards the $237 mark. Crypto analyst Yehok is of the opinion that the BCHUSD pair will see an uptrend while forming a rising triangle.
1-Day Bitcoin Cash price analysis (17th June)
The Relative Strength Index (RSI) rose to a high of 78.47 near 06:00 GMT. This shows that Bitcoin Cash was overbought at the time the cryptocurrency appeared bullish. At the time of writing, the RSI stood at 41.23.
While BCH traded near the $237 mark at the beginning of the 17th of June, the coin rose to a day’s high of $243.16 US Dollars. As the day proceeded towards its end, the price returned towards the $237 level. At the time of writing, the BCHUSD trading pair was observed at $237.36 US Dollars.
However, the overall movement for BCH has been bullish after the 16th of June. The 20-Day Exponential Moving Average (EMA) and the 50-Day Moving Average (MA) have drawn an upward slope on the daily charts.
Bitcoin Cash price rising triangle
Yehok is a TradingView analyst who believes that the BCH price may rise in the near future. The analyst drew the Fibonacci levels on the daily chart for BCHUSD.
Bitcoin Cash Price Chart by Trading View
Yehok furthers that there will be another rising triangle like the two shown on the chart above. The rising triangle may allow BCH price to break above the $272 resistance and head towards the $320 mark.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.