Bitcoin Cash price falls to $240

As Bitcoin price fell to the nearest support for the 20th of May, the altcoins followed the downtrend. The Bitcoin Cash price line fell towards the $236 level as the Relative Strength Index (RSI) depicted a bearish convergence.

1-Day Bitcoin Cash price analysis (20th May)

Bitcoin Cash Price Chart by TradingView

Bitcoin Cash traded above the $246.00 level until 15:00 GMT. After this, the cryptocurrency turned very bearish and fell short towards the $236 mark. The RSI fell below the 20.00 mark and the cryptocurrency gradually moved towards the $240 mark as the day proceeded towards its end. At the time of writing, BCHUSD traded at $240.84 US Dollars.

Bitcoin Cash: technical indicators

Bitcoin Cash Price Chart by TradingView

The moving average technical indicators fell as the BCHUSD trading pair turned bearish in the evening of the 20th of May. The moving averages travelled between the $238 and $240 levels for the rest of the day’s trade. The 20-Day Exponential Moving Average (EMA) closed at $240.88, while the 50-Day Moving Average (MA) closed at $240.46.

The Relative Strength Index (RSI) moved near the 50.00 level until the price fall, which is when the RSI fell to a low of 14.48. Which shows that Bitcoin Cash was oversold at that time. At the time of writing, the RSI was observed at 49.94.

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.