Bitcoin Cash (BCH) Price Analysis (February 23)
- The BSV/USD market has dropped from a high $480 value to a low territory at $360 mark.
- The BSV/USD trade may fall under bearish pressure at $400.
- A reversal from $360 price value will allow the bulls to regain momentum.
Major distribution territories: $480, $520, $560
Major accumulation territories: $320, $280, $240
Bitcoin Cash (BCH) Price Analysis
In sequence to a notable dump in the BCH/USD market valuation on February 15, the pair eventually touched past a low point around $360 on February 20. The previous high was at around $480 since the start of the falling market.
Barely three days of trading sessions until now, the pair’s trade worth has been hovering around $400 and $360 marks. As at the time of writing, the upper $400 range trading point appears to act instrumental in the affirmation of the crypto’s capacity to push northward.
Bitcoin Cash (BCH) Technical Indicators Reading
The 50-day SMA trend-line has intercepted by the 14-day SMA trading indicator from the top to fully confirm a downward trend of the BCH/USD market about several days back. For the second time, the smaller trading indicator now attempts to cross towards the bigger SMA trend-line from below. That has equally quantified the pace at which the market is running in a range outlook presently.
The Stochastic Oscillators have traversed from a lower range at 20 towards touching a higher range at 80. And, taking a closer look at the market’s recovery strength at that territory, the bulls lack the weightier capacity to forge ahead in the near time of trading.
Judging by all the trading indicators reading, the BCH/USD sellers are likely still having the upper hand in the crypto-market. However, the bulls may as well have to redefine their stance from a lower point around $360 territory to stage a decent rebound. Above all, very active price actions need to take place before placing an order in this crypto-economic market.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.