Bitcoin made a short-term bullish move on May 7, while Bitcoin Cash (BCH) price surpassed $ 256. According to CoinMarketCap data, the cryptocurrency was trading at $ 252 at the time of writing.
Analyst ScottCarney believes that BCH will complete the 1-hour crab formation and move towards $ 260 during daily trading. While the cryptocurrency is trading around $ 238 at the beginning of the day, it is now up to $ 252.
According to the chart, the RSI in BCH rose to 89.82, indicating that Bitcoin Cash was over-bought at the time. After that, the cryptocurrency rose and jumped to the $ 254 level. As the cryptocurrency approached the highest level of the day, $ 258.32, it was traded at $ 252 at the time of writing.
Crypto analyst said that Bitcoin Cash will move towards $ 260 and the cryptocurrency has completed the 1 hour crab formation while retesting the entire Potential Reversal Zone.
According to this idea, the Bitcoin Cash / Dollar pair is on the rise and will rise above the $ 256 level. At the time of writing, while the cryptocurrency was under rising momentum, the Relative Strength Index (RSI) approached 50.00 on the daily chart.