BCH/USD Long-term Trend – Bearish
Distribution territories: $1,300.00, $1,500.00, $1,700.00.
Accumulation territories: $500.00, $400.00, $300.00.
Unlike last week, Bitcoin Cash sees an increase in its market price worth as paired with US dollar this week. The US dollar had been able to counter mostly some of the Bitcoin Cash’s upward pushing attempts in the previous weeks. On June 30, this crypto asset suddenly began witnessing an up-rise that engulfed the previous falling prices of about three days. The rising movement continued until July 3, while on July 4 till now, the pair has been witnessing a ranging movement.
The price action has also been traded along the 14-day SMA’s trend-line. The bulls have relatively taken up the greater driving strength more than the bears’ action in the present price movement. The 50-day SMA is situated above the 14-day SMA with a notable gap between them. The Stochastic Oscillators have moved well above range 20, but now lightly points southbound. This indicates that caution needs to be exercised to determine the next line of price action.
The expectation is high on side of further seeing the current market financial status of this pair is being pushed northward sooner than later. On the backside, the bears can possibly still drive the market backward to test the last lowest price point, or a bit beyond. Whilst that eventually happens, it’s a greater window of buying opportunities for both the traders and the investors. But the traders should always apply a sound financial management guide while placing their trades.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.