Bitcoin Cash (BCH/USD) Market Retains a Downtrend
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Bitcoin Cash Price Prediction – June 4
There has been a concurrent appearance of depreciation in the BCH/USD market activities over a long-term session as the crypto market retains a downtrend until the present. As of writing this analysis, the price trades between $186 and $179 at a minimal positive percentage rate of 0.44.
BCH/USD Market
Key Levels:
Resistance levels: $220, $270, $320
Support levels: $150, $100, $50
BCH/USD – Daily Chart
The BCH/USD daily chart shows that the crypto-economic market retains a downtrend in its valuation. Some ups and downs have been going around the $200 quite a while below the trend lines of the SMAs. The 14-day SMA indicator is underneath the 50-day SMA indicator. Variant candlesticks are between the bearish channel trend lines. The Stochastic Oscillators have moved down out of the overbought region to attempt closing around the 65 range.
Will the BCH/USD goes down more underneath the $200 level?
A markdown signal has been placed on the $200 level by the 14-day SMA trend line to suggest the crypto economy may suffer some losses, trying to push over the point for some time. However, an attempt to muster energy from a lower-trading zone can, in the long run, allow buyers to get a better replacement of their stances. Based on that technical assumption, a downward push to average the $150 support level will give in back the desired motion in the process to get a buying entry afterward.
On the downside of the BCH/USD market analysis, as it has observed that a markdown, spotted around the $200 level, selling pressures may be having prevalence over the bulls’ weaknesses to push above the line for sustainability in the long-term run. Sellers have to back up their selling positions with price actions. And, they may eschew placing an order an aggressive motion tends to play out in the operations at any material time.
BCH/BTC Price Analysis
There have been fewer positive effects made by Bitcoin Cash pairing with Bitcoin’s trending capacity. In other words, the pairing crypto-economy retains a downtrend outlook. There is a space between the 14-day SMA indicator and the 50-day SMA indicator as the bigger is above, the smaller. The current formation of trading candlesticks isn’t far from the lower bearish channel trend line drawn. The Stochastic Oscillators are below the 80 range, seemingly trying to close the lines. The base crypto may not push lower long than necessary to regain its lost momentum to the counter crypto.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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