New Study Reveals Only 10% of Bitcoin Cash (BCH) is Used for Transactions

BCH/USD Long-term Trend – Bearish

 

Distribution territories: $1,500.00, $1,700.00, $1,900.00.
Accumulation territories: $800.00, $600.00, $400.00.

BCH/USD still has bearish trend outlook as there has been no strong notable rise against the USD dollar. On May 28, the pair declined in market value towards the accumulation territory of $850.00. On the following day, a short-bullish Japanese candlestick was formed and it gave the bulls the strength to push the market value northward to touch the distribution territory of $1,200.00. Afterward, the pair has been precisely experiencing choppy movements in the market trend, this week.

Both the bear and the bull’s price actions have been inactive for the past few days. The 14-day SMA is below the 50-day SMA but a slight northward bent has been observed on the 14-day SMA trend-line as price has slightly breached northward past the 14-day SMA trend-line. The Stochastic Oscillators have moved northward closely to the range of 80. And, they are now consolidating their direction below the range.

The market value can possibly be driven slightly towards the accumulation territories of $850.00 or $750.00 in the next few days. The bulls can now probably get ready for the driving force of the market direction. Traders should be cautious of following any eventual bearish movement of this asset as they can be lured into fake short entries.

 

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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