New Study Reveals Only 10% of Bitcoin Cash (BCH) is Used for Transactions

BCH/USD Long-term Trend – Bearish

Distribution territories: $750, $850, $950.
Accumulation territories: $450, $350, $250.

This week, the market price valuation of BCH/USD has been rallying along the trend-line of the 14-day SMA. On Aug. 19, there was a feature of short upward move in the price of the crypto. Between Aug. 20 and 22, the price line fell towards a horizontal price at $496. It is obvious that this crypto is still been undervalued by the price worth of the U.S. dollar in the market trading stance presently.

Price action has been traded along the trend-line of the 14-day SMA as the recent lowest price point still remains the one obtained on Aug. 14. There is a visibly notable gap between the 50-day SMA and the 14-day SMA as the former is situated above the latter presently. Stochastic Oscillators have moved past range 20. They are now slightly pointing north. This suggests that exerting of any further trading position may be suspended for a while.

There is a tendency that this crypto may be pushed southwards further to test the lowest price point as witnessed on Aug. 14. A bullish market seems not around the corner of this cryptocurrency in the next few days as bears have been many times successful at driving down some of the upward attempts that have been made by bulls in the market. The assumption now is that both investor and trader may have to wait while the market price line is driven southwards to test the last lowest price point to decently place a long entry.

 

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute inancial advice. Always do your own research.

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