Bitcoin Cash price line observed a continuous uptrend on the 1st and 2nd of June. The BCHUSD pair reached a high across the $268 level, after which the cryptocurrency observed a sudden drop towards the $250 mark in the evening of the 2nd of June. Bitcoin Cash traded within a day’s range of $242.48 — $269.17.
1-Day Bitcoin Cash price analysis (2nd June)
Bitcoin Cash Price Chart by Trading View
On the 2nd of June, the BCHUSD pair made its way across the $267 monthly resistance, after which the price line abrupt fell towards the $250 mark. At the time of writing, Bitcoin Cash traded at $248.06 US Dollars.
Bitcoin Cash reaches $267 monthly resistance
kyer is a TradingView analyst who believed that the BCHUSD pair would approach the $267 mark after it had moved across the first sell target at $246.
Bitcoin Cash Price Chart by Trading View
As per the crypto analyst’s previous ideas, the cryptocurrency was supposed to hold above the $222 support while it was to approach the $246 level as its first sell target. kyer further suggested that Bitcoin Cash would make its next move towards the $267 monthly resistance, and on the 2nd of June, the cryptocurrency made its way to the $267 resistance.
The crypto analyst believes that BCHUSD may see a fall or a pullback after meeting the monthly resistance, this is because both sell targets were met and the move may have exhausted by now. After the rally towards the $267 resistance, BCHUSD fell towards the $250 mark. This shows that the idea has completed its play.
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.
