BCH/USD Long-term Trend – Ranging
Distribution territories: $750, $850, $950.
Accumulation territories: $450, $350, $250.
BCH/USD market price movements have been obviously seen in a choppy outlook, this week. The crypto has now been observed as having lower highs and lower lows in price between the distribution and the accumulation territories of $620 and $460 respectively over a week. On Aug. 28, the pair experienced a short up-rise in the market trading position. But, in the succeeding days of Aug. 29 till 31, the cryptocurrency recorded a downward retracement towards a territory of $465.
As at now, on Sept. 1, the crypto has been able to recover and got pushed briefly past the 14-day SMA’s trend-line. It is also been observed that price action has been hovering strongly around the 14-day SMA over a week ago. Presently, price appears to consolidate below the 50-day SMA’s trend-line in the next coming days. There is still a gap between the 50-day SMA and the 14-day SMA as the former is located over the later. The Stochastic Oscillators have crossed to point north below range 80. This suggests that there are more upward movements than downwards in the crypto’s price as at now.
The featuring of lower highs is most likely to occur in the next trading sessions of this crypto. A bullish market can occur in a near time as most of the lower lows have appeared as been foundations for a return of bulls playing back into the market. In that light, traders may be on the lookout for long entries.
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