BCH/USD Long-term Trend – Bullish
Distribution territories: $1,100.00, $1,300.00, $1,500.00.
Accumulation territories: $600.00, $500.00, $400.00.
The market capitalization of BCH/USD witnesses a degree of appreciation in its price line value this week. The cryptocurrency began to rise on July 15, and the price continued to rise up to around the distribution territory of $900.00 on July 18. A few hours, the pair was seen slightly reversing southward around the 50-day SMA’s trend line until now. The bears appear not to have completely succumbed to the current market bullish trend.
The Bitcoin Cash is now contending with the breaking or moving the recent market price line past the 50-day SMA’s trend-line. The 14-day SMA is now slantingly bent northward below the 50-day SMA. Price has been traded between the small space of the two SMAs. The Stochastic Oscillators have risen northbound to touch range 80, but they are now crossed to point south. This denotes that care must be exercised about taking further long entries at this point in time.
Presently, the critical price line point that this cryptocurrency may find hard to breach past for a long time is seen at the immediate accumulation territory of $600.00. Additionally, temptation can come into play if the accumulation territory is eventually and strongly broken, but the bulls will probably use the point as a comeback re-entry. In that wise, traders may possibly look out for decent long entries coupled with good financial guiding principles always.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.