BCH/USD Medium-term Trend: Bearish
Supply zones: $1000, $1100, $1200
Demand zones: $600, $500, $400
BCH is in a bearish trend in the medium term outlook. The strong bearish pressure was sustained and this broke the $771.16 in the lower range of yesterday analysis. This setup cryptocurrency for a further downward journey initially to $733.60 in the demand area.
Price is below the two EMAs crossover and the EMAs area fanned apart which implies strength in the context of the trend and in this case the downtrend.
The stochastic oscillator is in the oversold region and at 12 percent and its signal is down which mean downward momentum in the price of the coin.
The bears' momentum may further increase as more bearish candles are formed and closed below the EMAs crossover. $722.88 in the demand area may be the initial target of the bears in the medium term.
BCH/USD Short-term Trend: Bearish
The cryptocurrency continues in the bearish trend in the short-term outlook. The bearish pressure was sustained as price made a lower low at $759.17 in the demand area before the close of market yesterday.
The bulls returned after the spinning top formation and manage a push to $777.72 in the supply area. This created a flag which was an opportunity for the bears returned.
Price was pushed down to $733.60 in the demand area below the two EMAs. The bulls are back and are creating another flag, which will bring bears to further push price down.
The 10day EMA is acting as a strong resistance to the bulls upward price movement.
Daily candle opened at $766.74 compared to yesterday opening of $811.84 which implies more sellers’ presence to further take price further down.
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