Key Highlights
- BCHUSD pair is likely to rise as price breaks the trend line.
- On the upside, the Bitcoin Cash (BCH) price is likely to rise and retest the $400 and $440 price levels as bulls break the initial supply at $400.
- BCH price is approaching the overbought region of the Stochastic indicator as the coin is in a bullish momentum and sending a buy signal.
Bitcoin Cash Current Statistics
The current price: $339
Trading Volume: $1,612,843,829
Major supply zones: $440, $480, $520
Major demand zones: $280,$240, $200
Latest News around Bitcoin Cash
Bitcoin.com is likely to commence exchange early in September, which will also include Bitcoin Cash. The company felt that the public will accept the Bitcoin Cash network and encourage free markets and choice. In September, the exchange intends to incorporate and launch coins like Bitcoin, Ethereum, and Litecoin.
Bitcoin Cash Price Analysis August 6, 2019
Currently, the BCH/USD pair boasts an upward move as it broke the initial demand at the $320 price level. The coin had been in a bullish trend after the downward correction at the $280 price level. After the downward correction, the coin was characterized by the presence of little body candlesticks similar to Doji or Spinning tops.
These are candlesticks which describe the indecision between sellers and buyers at the current price. On the upside, the bulls broke the initial resistance at the $329 price level, and are approaching to retest the $440 and $480 supply levels.
BH Chart Indicators Reading
BCH market stands in the overbought area of the daily stochastic but still above the 60% range. This suggests that price is in a bullish momentum currently, and gives a buy signal. On June 27, the price had been on a downward correction after the supply at the $480 price level. On July 14, the downward trend was corrected at the $280 price level.
The $280 demand level was holding as the bulls scored an upward move. On July 30, the bearish trend line was broken and another confirmation candlestick closed in the opposite direction. This hints that the bearish trend is likely to have been terminated.
General Outlook for Bitcoin Cash
BCHUSD is in a bullish trend region. The crypto’s price is likely to rise because the bulls broke the bearish trend line and a confirmation candlestick closed in the opposite of it. The market made an upward move and it is approaching a high of $360 price level.
Meanwhile, Bitcoin Cash market is in the daily stochastic’s overbought region but above the 60% range. This indicates that the market is likely to rally.
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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