BCH/USD Long-term Trend – Bullish

Distribution territories: $650, $750, $850.
Accumulation territories: $350, $250, $150.

Most of the price movements of BCH/USD had been in a range-bound region over a week. The ranging movements were featuring in the market of this crypto from Sept. 16 till 20. On Sept. 21, a notable short spike occurred, and the 14-day SMA’s trend-line was breached northwards above the price territory of $500.

The market price line has been traded around the low price point obtained on Aug. 14 but now averaging towards the 50-day SMA’s trend-line from below. The 50-day SMA is located above the 14-day SMA. The Stochastic Oscillators have moved upward well above range 20. They now point north below range 80 to still showcase a continuation of probable northward price movement.

The last spike that brought about the short bullish Japanese candlestick may be proven not strong enough while a strong reversal price action breaks past it southwards. A set of various lower lows and lower highs may come to play in the next few days while the immediate distribution territory of $650 remains unbroken-out. Investors may either join the market below the trend-line of 50-day SMA or wait for a smaller dip around the 14-day SMA’s trend-line.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Source: https://bitcoinexchangeguide.com