BCHSV/USD Long-term Trend – Bullish

Distribution territories: $160, $180, $200
Accumulation territories: $60, $40, $20

The Crypto has been recovering from the October 14 strong decline that has forced the market line from around $230 mark downwards to test the $70 accumulation territory recently on Nov. 15. After long hours of encountering a strong price point at the said territory, the crypto managed to strive back at getting the driving force gradually.

The market has now been able to push northwards past the 14-day SMA’s trend-line to touch the 50-day SMA’s trend-line from below. Price has been pushing hard against the 50-day SMA’s trend-line to average the $140 territory. The 50-day SMA is located over the 14-day SMA. The Stochastic Oscillators are heading towards range 80 as they still point north direction.

The $160 immediate distribution territory seems to be a critical point that could eventually mark the end of the current bullish trend especially while a reversal shows up in the market. In other words, a strong breakdown of the $100 market territory and the 14-day SMA’s trend-line will probably make the crypto’s market point drop to revisit accumulation territories between the $80 and $30.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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