• BCH/USD market has seen a decline below its lower range trading territory at $240 mark today.
• BCH/USD bulls tend to succumb to the bears’ pressure since they have kept losing out momentum at a higher point of $280 mark.
• A further downward push from the $200 will allow the bulls to find a sit around a lower point at $160 value.
Bitcoin Cash (BCH) Price Analysis
• Major distribution territories: $320, $360, $400
• Major accumulation territories: $200, $160, $120
BCH/USD pair has again suffered a decline in valuation as it has briefly broken down a bit below a lower range line at $240 point today. Equally, there is a sign of a reversal in the downward moves of the market. Price now trades around the lower range line.
At this point, selling forces are gaining clarity of pressing the crypto’s value lower away from the $240 lower range trading area. The BCH/USD bulls tend to succumb to the bears’ pressure since they have kept losing out momentum at a higher point of $280 mark.
Bitcoin Cash (BCH) Technical Indicators Reading
There has been a bearish-candlestick forming to engulf some of the lower high-candlesticks formed in range trading territories of $280 and $240.The 50-day SMA trend-line is underneath the 14-day SMA trading indicator. And, they have both been crossed downward by the emergence of the bearish candlestick to the south. The Stochastic Oscillators have earlier crossed at range 40. And, they now attempt cross-back the hairs a bit over the range to possibly point towards the south. That could suggest a return of downward pressures in the BCH/USD trade activities.
At some points recently, Bitcoin Cash’s price encountered a line of rejections around a high point of $280. And, as a result, the BCH/USD bears have continued to take that advantage to lower the crypto’s worth averagely towards an accumulation territory at $200 mark. A further downward push from the $200 will allow the bulls to find a sit around a lower point at $160 value.
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