BCH/USD Long-term Trend – Bearish
Distribution territories: $950, $1,050, $1,150.
Accumulation territories: $500, $400, $300.
There have been more dips on the market valuation of BCH/USD this week. Over a week and some days, this cryptocurrency has been witnessing its movements slowly downwards. The decline was intensified basically on August 8 while the strong accumulation territory of $650 was strongly breached southwards.
This crypto has been found weakened by bears as they have been fiercely exerting their selling pressures over bulls’ undervaluation market trading stance. Price has been visibly traded below the two SMAs. The 14-day SMA has intercepted the 50-day SMA from the top to point south. Stochastic Oscillators have moved into the oversold zone. Currently, they are consolidating their stance within it, and they still seemingly point south. This depicts that the selling pressure exerted by bears is still most likely in play.
Exercising of cautiousness while placing a trade may now come to play as there may soon be a more clearly definite decent direction. Bulls will have to muster up their driving capacity of the market to break upwards past the distribution territory of $900. Investors may now get set to determine their buying entry into this crypto while traders may have to wait for a strong price action to join the market especially on an uprise movement.
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