BCH/USD Long-term Trend – Bearish
Distribution territories: $1,000, $1,200, $1,400.
Accumulation territories: $600, $500, $400.
BCH/USD has been under selling pressure by bears since the starting of this week. The selling pressure has as well been in very slow and steady motions downwards. Bears have been successively pressing harder on the market presence of bulls over a couple of weeks. It’s quite over a month that the cryptocurrency has been traded closer to both the trend-lines of the two SMAs.
As a result, it has now emanated to having the 14-day SMA to move up a bit above and closer to the 50-day SMA. Price action as well seems now to have being gradually exhausted by bears. The Stochastic Oscillators have dipped into the oversold zone. They now seemingly bent a bit to point north. This suggests that bears’ presence is getting fade in the market.
From the viewpoints of looking, this cryptocurrency will soon experience some notable degree of ranging movements in the next few days or weeks. As at this point in time, neither shorting nor longing a trading position is ideally encouraged. Therefore, investor may wait a little to come in. In a similar vein, traders may watch out for a sudden upward spike to join long entry.
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