Bitcoin Cash (BCH) Price Analysis (February 11)
- BCH/USD market now trades in a range moving formation primarily around $440 market line.
- Technically, the $440 and $400 price territories may now act as the main trading zones.
- Traders need to look out for a price action before placing an order in the present market situation.
- Major distribution territories: $480, $520, $560
- Major accumulation territories: $360, $320, $280
Bitcoin Cash (BCH) Price Analysis
On February 5, a spike occurred in the BCH/USD market valuation to trade in another higher territory from a previous lower price zone a bit below $400 mark. The spike in price has led the pair to trade in a range moving formation primarily around $440 market line.
From the point of viewing technically, the $440 and $400 price territories may now act as the main trading zones where either the crypto or the US dollar has to stage a forceful stance in this market.
Bitcoin Cash Technical Indicators Reading
After an interception of the 50-day SMA indicator by the 14-day SMA to the northward, the smaller SMA trading indicator has appeared trending flat around the $440 price point. The bigger SMA trend-line still slightly points to the north direction.
A falling force may cause the 14-day SMA trend-line to conjoin with the 50-day SMA And, that will further suggest a kind of range price movement continuation for the pair. The Stochastic Oscillators have been consolidating around ranges between 80 and 40. Therefore, a degree of cautiousness needs to be exercised by traders.
About a couple of trading days, neither the BCH/USD market bull nor the bear has been able to visibly push the market in either favorable direction away from the $440 current range zone. Traders need to be wary of two critical points at $440 and $400 market values to not get trapped in the end. Therefore, traders need to look out for a price action before placing an order in the present market situation.
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.