Bitcoin Cash (BCH/USD) Value Pumps up to Briefly Touch past $1,600 Higher Level
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Bitcoin Cash Price Prediction – May 7
The market valuation of BCH/USD has seen a sharp increase on May 5th day’s trading session while the price briefly traded past a new all-time high value of $1,600. Currently, the market appears facing a correctional movement to trade at an about reduction of 8%.
BCH/USD Market
Key Levels:
Resistance levels: $1,500, $1,700, $1,900
Support levels: $1,200, $1,100, $1,000
BCH/USD – Daily Chart
The BCH/USD market’s line at $1,000, having experienced a short line of candlesticks denoting price rejection has eventually lost to an emergence of a long bullish candlestick pushing the crypto’s value to an amazing higher point. The 14-day SMA trend-line is now situated closely below the support of $1,000 level as the 50-day SMA indicator is around the support level of $700 underneath. And, they point towards the north. In almost the vein, the Stochastic Oscillators are as well pointing towards the north as they have briefly moved into the overbought region to indicate the probability of seeing more ups in the crypto-economy.
Will the BCH/USD recent price hike be soon decimated?
The recent sudden hike in the market valuation of BCH/USD appears not to witness a quick and drastic price reverses in the near sessions. Instead, it reverses are most likely to create a buy re-entry point for traders intending to join the long ride of BCH in continuation of the uptrend already established. However, a long violently prolonged reversal move against a support line of $1,200 could be a serious warning against launching more buy entries for a while.
The stage has set for traders intending to go short on this crypto-trade as the price has reversed against the new all-time higher value at $1,600. Nevertheless, bears may need to be on the lookout for slight a pull-up and its down-return underneath the higher line of the market before considering a decent sell entry. As of now, the higher point achieved seems not to be breached easily in a near trading cycle.
BCH/BTC Price Analysis
On the scale of weighing the valuation of BCH against BTC, the flagship countering crypto has once again been overwhelmed by the power value of the base crypto significantly. In the meantime, BTC is pushing in a correctional moving manner against its base trading instrument to now bring it to about a 7% reduction. The 50-day SMA indicator is underneath the 14-day SMA trend-line. And, they are below the trading zone of the crypto-pair. The Stochastic Oscillators are in the overbought region briefly crossing the hairs nearing a range of 80 to the south. That signifies that the base instrument is now to some extent trying to retard the pressure inflicted on it by the base crypto.
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