Bitcoin Cash (BCH) Price Analysis (May 3)
• BCH/USD continues to see a series of lower highs in its market valuation.
• There is a likelihood that a notable move will soon experience past an upper range line at $280.
• A break of either of the two range points at $280 or $240 will signal a definite price direction in BCH/USD market operations.
Bitcoin Cash (BCH) Price Analysis
- Major distribution territories: $320, $360, $400
- Major accumulation territories: $200, $160, $120
There has continued to be a series of lower highs in the market valuation of BCH/USD. The base-crypto has relatively risen northbound, to hit a strong distribution territory at $280 as it had earlier done on April 8. Price now hovers around $280 and $240 price values. Price now hovers around $280 and $240 price values.
The bulls’ pressures are now seemingly gathering momentum on a weak mote. And, for the second time that the $280 mark touched, there is a likelihood that a notable move will soon experience past the price line earlier mentioned.
Bitcoin Cash (BCH) Technical Indicators Reading
The two SMA trend-lines separated by a small space. The 14-day SMA trading indicator is placed over the 50-day SMA indicator. And, they are all a bit below the market trading line pointing slightly to the north-east direction. That signifies an ongoing small buying spree in the market. The Stochastic oscillators have positioned between ranges of 80 and 60. And, they have now briefly crossed the hairs towards the north in the lower range region. That signals the possibility of seeing an upswing move in the near time.
A key determinant uprising line has been seen at an upper range of $280 price territory. Therefore, the buyers have to put more effort to ensure a steady breakout of the point in order to have a good bullish outlook of the BCH/USD market. In the meantime, a cross-back of the bigger SMA trend-line by the smaller SMA at a lower range of $240 mark will see price pushes towards a low value at $160.
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.