BCHUSD Long-term Trend – Bearish
Distribution territories: $1,600.00, $1,800.00, $2,000.00.
Accumulation territories: $800.00, $600.00, $400.00.
Bitcoin Cash like many other digital currencies paired against the USD dollar has been witnessing a significant decline in value. Barely a month ago, had the pair managed to rise northward a bit above the distribution territory of $1,500.00. BCHUSD began visibly falling on May, 7 while a Japanese top shadow candlestick occurred in the trend. The bears are having stronger strength over the bullish driving force of the market.
As at now, price is averaging towards the distribution territory of $1,200.00. The 14-day SMA has crossed the 50-day SMA from the top but not too far as the price action has breached the trend-line of 14-day SMA northward. The Stochastic Oscillators have crossed and moved above the range 20 and are now pointing northwards. These are indications that the bears are getting weaker.
There can still be slight downward movements in the market worth of the asset. The bulls are expected now to begin gaining strength against the bears’ movement in the market value. Investors and traders can probably be on the lookout for a decent reversal of bearish movement to enter a long trade.
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