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.
The USD dollar has been considerably appreciated against the Bitcoin Cash, this week. This crypto asset still experienced further a major decline in its market price value. This occurred on June 24 but shortly reversed northward. On the following day, the market worth was slightly ranging southwards until June 29. Today, June 30, a short bullish engulfing Japanese candlestick has occurred below the 14-day SMA trend-line.
The bears have been having the greater advantage of the market as the bulls have been consistently making failing attempts. The 14-day SMA seems to be the retarding point for price reversal of the digital asset. The 50-day SMA is located above the 14-day SMA currently. The Stochastic Oscillators have dipped into the oversold zone, but now closely moving below range 20. This suggests that the bears’ actions are getting weaker.
The market valuation of this crypto asset may possibly still be driven southbound after testing or a bit breaching the 14-day SMA trend-line. The bulls need to build up solid momentum around the current price point or a bit below it to eventually make a better northbound headway in the market. Would this assertion eventually come to play, doors to buying entries will be opened.
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