Key Highlights
- BCH/USD pair has been in a sideways move after July 13 strong bearish move
- Bitcoin Cash (BCH)’s $280 demand zone and $360 supply zone have remained unbroken over the past 60 days
- The downward movement will resume the moment the $280 demand zone gets broken, and the price is sustained
Bitcoin Cash’s Current Statistics
Current BCH price: $298
Market Capitalization: $5,371,359,637
Trading Volume: $1,201,368,445
Supply zones: $400, $440, $480
Demand zones: $240,$200, $160
Bitcoin Cash Price Analysis September 14, 2019
The bulls and the bears seem to have reached a consensus as the market is range-bound between the $280 support zone and the $360 supply zone. Neither the bears nor the bulls have been successful to break their respective zones.
However, the coin’s downward move will resume the moment the bears break the $280 demand zone, and the bearish move is sustained. Bitcoin Cash’s price is likely to fall and reach a low of $200 demand zone. Conversely, in case the bulls gain an upper hand and the $360 supply zone gets broken, the coin will resume its uptrend and revisit the previous high of $480 supply zone.
BCH Technical Indicators Reading
The BCHUSD pair is trading between two horizontal lines indicating that price is in a range bound move. If the upper horizontal line is broken, the crypto’s price will resume its uptrend. Conversely, the market will further depreciate if the lower horizontal line is broken. A Fibonacci tool is drawn as shown in a downtrend.
The lower swing is drawn on July 13, while the upper swing is at the $520 supply zone. A retraced bullish candlestick tested the 0.786 Fib.retracement level indicating that the market is likely to fall and reach the 1.272 Fib extension level. The BCH market is below the 80% range of the stochastic indicator showing that price is in bearish momentum.
Conclusion
The coin is likely to fall according to the Fibonacci tool and the colored exponential moving averages. The crypto’s price is below the EMAs, indicating that the crypto’s price is falling. Bitcoin Cash (BCH)’s market is currently at the $280 demand zone, and if the bears fail to break the support zone, the crypto’s price will continue its range-bound movement.
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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