Bitcoin Cash (BCH/USD) Market Stays in a Descending Setting
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Bitcoin Cash Price Prediction – March 4
The apparent trading outlook of the BCH/USD trade shows the crypto-economic market stays in a descending setting as it trades around $305 presently. The crypto has witnessed a high and a low of $315 and $302 in that order at a negative percentage of 3.02.
BCH/USD Market
Key Levels:
Resistance levels: $350, $400, $450
Support levels: $250, $200, $150
BCH/USD – Daily Chart
The BCH/USD daily chart reveals the crypto-economic market stays in a descending setting as some of the bullish candlesticks formed close to the resistance of $350 about a couple of days back eventually turned out losing sustainability. There is a range of space separating the SMA trend lines as the 14-day SMA is underneath the 50-day SMA. The Stochastic Oscillators have crossed southbound against the range of 80. It shows that a downward force is in the offing.
Will there be aggressive forces to the downside 0f the BCH/USD price as the market stays in a descending setting?
It is not likely that there will be aggressive forces to the downside of the BCH/USD trade as the crypto-economic market stays in a descending setting. The springing of the crypto-economic price back to the upside may take a while. The previous lower support level of around $250 has to revisit for finding support before bulls can consider a re-launch of longing orders afterward.
On the downside of the technical analysis, the BCH/USD market short-position placers have to be their presence tightened against a sudden rebounding motion against the trend line of the 14-day SMA. A technical thought shows that a ranging movement is playing out around $350, $300, and $250. The range mid-point is about to breach southward in no time.
BCH/BTC Price Analysis
In comparison, Bitcoin Cash appears to have been tied down under a downing pressure arrangement as juxtaposed with Bitcoin on the price analysis chart. The current trending outlook showcases the cryptocurrency pair market stays in a descending setting over time until the present. The 14-day SMA indicator is underneath the 50-day SMA indicator. The Stochastic Oscillators are in the oversold region with their lines closed. That reading condition could in the near time give birth to seeing a ranging pattern of candlesticks emergence afterward. If that scenario plays out as presumed, it would be better for traders to stay away from trading for a while to let the market observe a definite direction to follow.
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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