Key Highlights
- BCH/USD pair is fluctuating above the $280 demand zone
- Bitcoin Cash price faces resistance at the $360 supply zone but finds support at the $280 demand zone
- The coin is currently fluctuating between the zones of $280 and $360 price zones
Bitcoin Cash Current Statistics
The current price: $321
Market Capitalization: $5,779,205,957
Trading Volume: $1,161,597,647
Major supply zones: $400, $440, $480
Major demand zones: $240,$200, $160
Bitcoin Cash (BCH) Price Analysis August 19, 2019
Over the last 30 days, the coin had been ranging above the $280 demand zone. Bitcoin Cash (BCH) price had found support at the $280 demand zone while it struggles to trade below the $360 supply zone. The market is likely to continue its range bound move as the bulls fail to break the $360 supply zone.
On August 5, the bulls fail to break the $360 resistance zone and as such the market had been trading below the resistance zone. The $280 demand zone had been the support zone since April. The bears had not broken the $280 demand zone since April because the market respects the historical price zones.
Chart Indicators Reading
The Relative Strength Index period 14 is level 47, which indicates that the market is in a range bound move. The price of Bitcoin cash is currently ranging, which may lead to a breakout in a few more days. The 12-day and 26-day EMA are trending horizontally right above the $300 supply zone, suggesting that the market is fluctuating.
The lower trend line had not been broken in the last four months. If the lower trend line is broken, the BCH price will fall and reach a low of $150 or $200 demand zone. The market has the chance to rise if the cryptocurrency’s price breaks the upper trend line.
General Outlook for BCH
The BCH/USD pair is likely to continue its fluctuations for a few more days. If the coin continues to range, the tendency is for the coin to have a price breakout. Presently, Bitcoin Cash is in a bullish move. If the BCH bulls break the upper trend line and another candlestick closes on the opposite of the trend line, the cryptocurrency’s price is likely to continue its upward move to retest the previous highs.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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