BCH/USD Long-term Trend – Bearish
Distribution territories: $1,500.00, $1,700.00, $1,900.00.
Accumulation territories: $500.00, $400.00, $300.00.
It has been a tough week for the BCH markets so far, with the price of the asset having significantly falling. The BCH markets have been hovering below the distribution territory of $1,000.00 after making the third point of contact with a descending trend-line from all-time price high in 2018 on Monday.
Price action has been traded a bit separately below the trend-line of the 14-day SMA. The 50-day SMA is above the 14-day SMA. The both SMAs are a bit bent southwards. The Stochastic Oscillators have dipped into the oversold zone. This suggests that the bears seem not taking the hold of the market strongly at the moment.
The Bitcoin Cash markets are yet to retest the prior local accumulation territory of $600.00. Immediate price action appears to be getting set for a modest bounce off the key price area that shows confluence below the market horizontal trend-line of $1000.00. Traders are expected to be cautious of taking short positions with this asset but are presumably better advised to watch out for long decent entries. Investors can possibly do indifferently.
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