Bitcoin Cash price falls to $250; holds $246 support

Bitcoin Cash price appears to be stable above the $246 support after falling on the 2nd of June. For the 3rd of June, the cryptocurrency has held trade near the $250 level. The BCHUSD trading pair traded within a day’s range of $246.44 — $252.11.

1-Day Bitcoin Cash price analysis (3rd June)

Bitcoin Cash Price ChartBitcoin Cash Price Chart by Trading View

After falling towards the $246 support, the cryptocurrency traded above the $250 level. The cryptocurrency continues to seem stable at its trading range. At the time of writing, Bitcoin Cash traded at $250.74 US Dollars.

Bitcoin Cash price above $246 support

Bitcoin Cash Featured Price ChartBitcoin Cash Price Chart by Trading View

kyer discussed the cryptocurrency’s upward movement towards the $267 mark previously. The analyst had suggested that BCHUSD will break through the $246 resistance, after which it was expected to move towards the $267 level. The trading pair hit the $267 sell target and fell towards the $246 level, which now acts as a support for the trading pair. Below $246, the next support lies at $222.

Bitcoin Cash: technical indicators

Bitcoin Cash Featured Price ChartBitcoin Cash Price Chart by Trading View

The moving average technical indicators observe a sharp fall towards the $245 mark on the 2nd of June. After the price fall, the 20-Day Exponential Moving Average (20EMA) and the 50-Day Moving Average (50MA) held above the $245 level through the rest of the day’s trade. On the 3rd of June, the BCHUSD pair depicted a stabilized trading pattern near the $250 mark. The 20EMA closed at $250.77, while the 50MA observed the day’s closure at $250.26.

The Relative Strength Index (RSI) fell to a low of 7.75 at the time the BCHUSD pair turned extremely bearish. This means that Bitcoin Cash was extremely oversold at the time. The RSI stayed between the 30.00 and 70.00 levels for the rest of the day. The technical indicator was observed closing at 50.99.

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.

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