BCH/USD Medium-term Trend: Ranging
Supply zones: $1000, $1100, $1200
Demand zones: $500, $400, $300
BCH continues in the range in the medium-term outlook. The bullish pressure manages a push back up to $619.40 in the supply area and lost momentum as an inverted hammer was formed.
The bearish momentum was weak hence a low of $592.50 was attained as the bulls gradually stage a comeback.
The stochastic oscillator is at 31% and its signal points up which implies that upward momentum within the range may occur as the bullish pressure becomes stronger in the medium-term. The close of candles above the 10-day EMA may occur.
The cryptocurrency is still consolidating and trading between $644.30 in the supply area of the upper price range and at $567.00 in the demand area of the lower price range.
Traders should be patient and allow a breakout at the upper supply area or a breakdown at the lower demand area before taking a position.
BCH/USD Short-term Trend: Ranging
The cryptocurrency continues in consolidation in the short-term outlook. The increased bullish pressure ensures that the cryptocurrency was up at $620.00 in the supply area from $577.00 in the demand area. Attempt to break the upper supply range was rejected due to bears return.
The cryptocurrency was down to $606.50 in the demand area below the10-day EMA before the close of yesterday market. The bears continue the journey south as the market opened and pushed further down to $592.77in the demand area within the range.
BCH continues ranging and trading between $620.08 in the upper supply area and at $575.30 in the lower demand area of the range. Traders should be patient, either a breakout at the upper range or a breakdown at the lower range must happen thereafter a position could be taken.
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