Bitcoin Cash (BCH/USD) Increases Its Downward Price Correction to a Support Value of $700
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Bitcoin Cash Price Prediction – April 23
There have been much-intensifying efforts to continually push further to the south in the valuation of BCH/USD market operations as buyers’ stance looks in-active over a couple of sessions.
BCH/USD Market
Key Levels:
Resistance levels: $900, $1,000, $1,100
Support levels: $600, $500, $400
BCH/USD – Daily Chart
The downward correctional path-way of the BCH/USD on the daily chart shows a strong decline pressure ongoing in the crypto-economy as of writing. The bullish trend-line drew and, the 14-day SMA trading indicator has been once breached to the south down to a low support trading zone around the $700 level. The 50-day SMA trend-line is situated tightly below the current immediate support level of $600. The stochastic Oscillators have plunged into the oversold region to seemingly trying to cross the hairs within it. That portends a gradual end against the furtherance of the falling pressures is in the offing.
Will the BCH/USD current downward price correction end soon?
The BCH/USD downward price correctional move, as it is currently suffering continual pressure may not be able to survive pushing out of it as quickly as it might have been expected. However, going to the extent to which the depression has gotten, a lot of buy entries have the greater tendency of resurfacing especially, during variant bearish price reverses as of the time of volatility.
As regards the continuation of the downward movement of this crypto-market, bears have to capitalize on the present falling forces to be able to break through the barriers of support level beyond the $700. If that assumption eventually comes to play, another lower support trading level of around $600 will be achieved. Then, at that level, it would a serious risky trading time for traders to continue going with the short positioning of trade in this crypto-instrument.
BCH/BTC Price Analysis
There has been a formation of a chain of higher lows on the daily trading chart showing the rate at which BCH and BTC are being appreciated or depreciating in the comparison. The base crypto yet keeps its purchasing power as paired with the counter trading tool on the buy signal side of the SMA indicators. The 50-day SMA indicator has been intercepted to the north by the 14-day SMA trend-line to point to the north. The Stochastic Oscillators have slantingly moved down to briefly point to the south. That suggests that the base crypto is consolidating on its efforts to go more on prevailing over the stance of the counter instrument at the comparing trade level.
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