Bitcoin Cash price rises above $246 after retracement towards $234

The Bitcoin Cash price line moved towards the $247 level on the 30th of May. The cryptocurrency appeared bullish after performing a retracement towards the $234 mark. The BCHUSD pair traded within a day’s range of $236.21 — $247.07.

1-Day Bitcoin Cash price analysis (30th May)

Bitcoin Cash Price ChartBitcoin Cash Price Chart by Trading View

BCH stood below the $238 level at the start of the 30th of May. The cryptocurrency had retraced below the $236 mark, after which the BCH market turned bullish and it offered a good opportunity for buyers.

The trading pair rose across the $246 level on the evening of the 30th of May. At the time of writing, the BCHUSD pair stood at $245.41 US Dollars.

Bitcoin Cash: buy opportunity in parallel ascending channel?

Trading-Guru is a TradingView analyst who suggested that BCHUSD will have a buying opportunity for traders on the 30th of May.

The analyst highlighted the parallel ascending channel, and they believed that BCHUSD will observe a fake-out after the then ongoing retracement.

Bitcoin Cash Featured Price ChartBitcoin Cash Price Chart by Trading View

Trading Guru believes that this would be a great pattern for Bitcoin Cash in the current bullish market. The cryptocurrency acted as per the crypto analyst’s idea, and it moved across the pivot point of the parallel ascending channel.

The Relative Strength Index (RSI) has risen above 86.00 on its daily time frame, which shows that Bitcoin Cash was overbought at the time the trading pair appeared bullish. At the time of writing, the 20-Day Exponential Moving Average (20EMA) stood at $244.48, while the 50-Day Moving Average (50MA) was observed at $244.80.

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.

About the author