Key Highlights
- BCH/USD pair now trades below the $320 supply zone
- The bulls failed to break the $320 supply zone on three occasions
- The coin continues its downtrend below the $300 demand zone
Bitcoin Cash (BCH) Current Statistics
The current price: $277.38
Market Capitalization: $4,986,543,128
Trading Volume: $1,160,137,337
Major supply zones: $400, $440, $480
Major demand zones: $240,$200, $160
Bitcoin Cash Price Analysis August 31, 2019
On August 13, the coin got depreciated when the crypto’s price rose and tested the $360 supply zone. After the downtrend, the price fell to the low of $280 and resume a sideways move between the $300 demand zone and the $320 supply zone. The bulls made attempts on three occasions to break the $320 supply zone but were repelled.
After three unsuccessful attempts at the $320 supply zone, the coin continued its downward move. Any breakout at the $320 supply zone will result in a price rally above the $360 supply zone. Similarly, the market had also tested a $280 demand zone which was BCH previous low.
However, the bears have broken the previous low, and the cryptocurrency is likely to further depreciate to the lows of $160 or $200 demand zones.
The blue line moving average is sloping below and above red line moving average but now pointing southward. This explains that the crypto’s price is falling. The MACD line and the signal line are sloping below the zero lines indicating that BCH price is in the bearish trend zone.
Conclusion
The BCHUSD pair has continued to slide down from $360 to $311 supply zones. On the upside, if the bulls get halted to break the $320 supply zone, the $200 and $240 demand zones are likely to be breached.
Besides, the lower trend line is likely to be broken as the price carries on its downward movement. On the upside, if the cryptocurrency’s price breaks the bearish trend line and the candlestick gets closed above it, the Bitcoin Cash market will more likely go up.
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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