BCH/USD Medium-term Trend: Bearish

Supply zones: $1000, $1100, $1200
Demand zones: $600, $500, $400

BCH remains in a bearish trend in the medium term outlook. The bears' temporal momentum lost resulted in the bulls returned and they pushed price from $741.29 in the demand area to $772.93 in the supply area.

This supply area is the 38.2 fib level a trend continuation zone, as you can see in the chart.
Hence the returned of the bears and price was down to $758.42 in the demand area. It implies that the bullish impulsive move should be seen as retracement necessary for the market correction and downtrend continuation should resume.

The bears' momentum will further increase as more bearish candles are formed and closed below the EMAs crossover. $722.88 in the demand remain a key 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 bulls stage a comeback and pushed price up 766.65 in the supply area from $733.60 in the demand area.

The formation of a bearish hammer returned the bears and price was down to $741.29 in the demand area below the two EMAs.

The daily opening candle was bearish at $744.14 but the bulls returned with a large engulfing candle and push price up to $772.93 in the supply area before losing momentum leading to the bears returned after the formation of bearish doji and price back on the journey to the south.

The stochastic oscillator is at 45 percent and its signal point down. It suggests downward momentum in the price of the cryptocurrency as the bears' pressure increases.

 

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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