BCH/USD Medium-term Trend: Bearish

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

BCH continues in the bearish trend in the medium term outlook. The bearish pressure was much stronger and this led to a nice break of the $722.88 target of yesterday analysis. The cryptocurrency drops further down to $721.41 in the demand area before the close of yesterday market.

The bears further pushed price to $699.62 in the demand area. The formation of the bearish hammer may result in a minor bullish pullback in the medium-term.

The stochastic is in the oversold at 13 percent and signal points down which implies downward momentum in the cryptocurrency price.

$678.27 in the demand area may be retested the third times by the bears as the pressure is sustained.

BCH/USD Short-term Trend: Bearish

The cryptocurrency continues in the bearish trend in the short-term outlook. $721.21 in the demand area was the point the bears drop the coin before yesterday close of the market as they kept the pressure up.

The 1hour opening candle was bearish hence further drop in price of the cryptocurrency to $699.52 in the demand area.

The 10-day EMA is acting as resistance against upward price movement.

Price is below the two EMAs and is forming lower highs and lower lows which are down trending market characteristics. As more candles formed and closed below the two EMAs more lows will be attained.

 

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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