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2 June 2023
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Bitcoin Cash price varies near $253: ascending triangle next?

Bitcoin Cash price fell down on the daily chart for the 7th of June. The cryptocurrency exhibited an uptrend after 18:00 GMT in anticipation of the market following the king BTC’s bullish movement.

Guapeva, a TradingView analyst, is of the opinion that the BCHUSD trading pair will form an ascending triangle. The pair traded within a day’s range of $251.37 — $256.68.

1-Day Bitcoin Cash price analysis (8th June)

Bitcoin Cash price chart 1 - Jun8 Bitcoin Cash Price Chart by Trading View

As per the chart above, the cryptocurrency can be observed subjected to a bearish momentum in the afternoon of the 7th of June. The coin’s price line fell below the $246.00 mark, to a low of $245.79 US Dollars. The cryptocurrency observed an upward rollback after 18:00 GMT, which led the price line across the $253.00 mark.

On the 8th of June, the bullish run continued, and the price line moved past the $256 price level. As day’s chart proceeded towards its end, the cryptocurrency’s price lowered towards the $252 mark. At the time of writing, the BCHUSD trading pair was observed at $253.17 US Dollars.

The Relative Strength Index (RSI) rose to a high of 80.73 at 19:50 GMT on the 7th of June. This shows that Bitcoin Cash was oversold at that instance. The RSI indicator was observed at 56.14 at the time of writing.

Bitcoin Cash price in ascending triangle?

Guapeva is a TradingView analyst who suggested that Bitcoin Cash will see a bullish movement, as it appears to form an ascending triangle on the weekly chart.

Bitcoin Cash Price Chart by Trading View

The chart above shows a long trade idea for BCHUSD, where the upper boundary of the ascending triangle lies near the $272 price level.

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