Bitcoin Cash price trades near $255: what’s next?

On the 5th of June, the Bitcoin Cash price line held the $255 level while trading within a day’s range of $254.49 — $263.28 mark. The cryptocurrency moved across the $262 mark after seeing an uptrend at the start of the day. 

1-Day Bitcoin Cash price analysis (5th June)

Bitcoin Cash Price ChartBitcoin Cash Price Chart by Trading View

On the 24hour charts, the Relative Strength Index (RSI) appears to vary near 50.00 while it remained within its normal range of 30.00 — 70.00 throughout the 5th of June. At the time of writing, the RSI was observed at 52.71 while Bitcoin Cash traded at $258.83 US Dollars.

Parallel ascending channel will rule?

Trading-Guru is a TradingView analyst who believes that the trading pair holds a positive bullish momentum and that there is a risk for FOMO. As per the idea, Bitcoin Cash should see an uptrend towards the $267 resistance, after which it may fall back towards the lower boundary of the parallel ascending channel.

The analyst termed the current market a buying opportunity for traders as the BCH price line has almost reached the bottom of the parallel ascending channel.

Bitcoin Cash Featured Price ChartBitcoin Cash Price Chart by Trading View

The analyst suggested the buyers against entering the trade when the RSI moves across 70. Trading-Guru is of the opinion that this is a great chance for traders as BCH should now have a bullish market.

kyer is another TradingView analyst who suggests that BCH will now retouch the $267 resistance as the price floats way above the $246 support. 

Bitcoin Cash Featured Price ChartBitcoin Cash Price Chart by Trading View

If Bitcoin does not see a downward rollback and holds above its current trading price, then BCH may see a rise towards the $267 resistance.

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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