Key Highlights
- The BCH/USD pair is currently on a downtrend, and this trend is expected to continue unless the major demand zone at $236.41 is bridged and defended by the bulls.
- The market price of this Token may technically form a unique trading setup known as “ Double Bottom Setup” for a bullish bias to commence at the significant demand zone mentioned above.
Bitcoin Cash Current Statistics
Market Capitalization:$5,487,145,566
Trading Volume: $1,446,126,803
Major supply zone: $516.75, $636.70, $866.60
Major demand zone: $200.10, $80.76, $45.82
Latest News for Bitcoin Cash
The news had shown that due to the recent increase in the chain transaction volume, Bitcoin Cash (BCH) is now the second most valuable chain in terms of volume transacted through the blockchain. BCH may not share the limelight with Bitcoin for now though.
Bitcoin Cash Price Analysis July 28, 2019
Over some time, BCH/USD pair has been trading on a negative side of the market; the bears entirely took control of the price due to technical support given to the sellers by the market setup.
However, the sellers are gradually riding the price to the oversold area; the buyers are planning to fight back at the next immediate demand zone located at $236.41. And if the buyers are eventually succeeded in defending the demand zone as mentioned earlier, then Bitcoin Cash may switch-gear to a long-awaited bullish bias at $866.6.
Chart Indicators Reading:
Technically, the market structure is forming a double bottom setup around the oversold area. This area is very crucial because the bulls may finally hijack the price from the bears.
The market price is expected to do one more downswing to hit the awaited demand zone, the buyers, on the other hand, have positioned themselves at this zone to trigger a bullish momentum.
Essential tools of the market are also signaling that the BCH/USD may go up any time from now. The next supply zone is located at $518.41, and this could be the next market price desired target.
General Outlook for BCH
From the market analysis, the near term bullish bias is on approaching, and the bulls may use all possible power to execute their desired plan. Therefore, the long term market view is bullish bias.
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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