BCH/USD Long-term Trend – Bearish
Distribution territories: $1,100, $1,300, $1,500.
Accumulation territories: $600, $500, $400.
There have been series of lower highs and lower lows in the market price movements of BCH/USD, this week. Though, on July 24, the cryptocurrency witnessed a very slight surge in its market valuation. The slight up-rise had enabled the bulls to have pushed the price past the trend-line of the 50-day SMA a bit. On July 25, the price began a very slow correction from the last short sudden hike in price.
It is also observed that BCHUSD has been traded by the bulls and the bears around near territories where both the two SMAs are located. The 14-day SMA has moved north briefly to tightly conjoin, but yet to intersect the 50-day SMA from below. The market price has only being serially fluctuant until now. The Stochastic Oscillators have moved up to cross below range 80, and they now briefly point south. This suggests that the bearish markets are not yet convincingly done.
By the looking of every indicator, there is still every possibility of driving the market once again towards the accumulation territory of $600. And, the bullish market cannot be said to be ideally coming soon. Investors can probably wait for a while to observe decent long entries of this crypto.
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