- BCH/USD market had once rallied from a low value to touch a high point at $280 territory.
- Downward pressure may occur around the $280 mark afterward.
- BCH/USD market is still likely to witness a continuation in its current range moves.
Bitcoin Cash (BCH) Price Analysis
- Major distribution territories: $280, $320, $360
- Major accumulation territories: $160, $120, $80
BCH/USD market’s point had once rallied from a low value below $160 mark to touch a high point at $280 territory. In the course of what still looks like recovery moves, the pair has to trade in more definite range bounds of $240 and $200 price territories. As at now, price is hovering around the upper range spot.
The bulls’ effort at pushing the northward in BCH/USD market has been very weak. That is the reason for the present dominion of the crypto-trade by variant lower highs and a small line of lower lows. A selling force may, in the long run, occur while the $280 major distribution mark remains unbroken to the north.
Bitcoin Cash (BCH) Technical Indicators Reading
The 50-day SMA trend-line has very briefly intercepted by the 14-day SMA trading indicator from below. And, they are both tightly near below a $240 range price mark pointing towards the east to affirm the present side-way moving mote of BCH/USD market activities. The Stochastic Oscillators have moved upward past range 60. But, they now attempt to close the hairs below range 80. That indicates that consolidation moves will soon be witnessed. Therefore, it is a warning sign to relax on taking a position for a while.
Yet, there has been no clear indication to suggest a definite change in the way of present long-range trading conditions of BCH/USD market operations. However, the range of trading territories, may in the next trading sessions, reshape around $280 and $240 or $200 and $160 marks. Meanwhile, an investor may consider buying from a dip around $160, once again while price makes reasonable active moves southward.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.
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