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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 bulls could not push up to the 23.6 fib level of yesterday analysis due to momentum loss and the formation of both bearish spinning top and gravestone doji candlesticks pattern that signalled bears returned.

The cryptocurrency was down to $677.11 in the demand area. The bullish pinbar formation for the bulls returned never occur as the next candle was a bearish doji. This justifies bears dominance of the market.

Price is below the 10-day EMAs and the EMAs are fanned apart which implies strength in the context of the trend and in this case the downtrend.

New lows may be seen in the medium-term as bears' pressure becomes stronger that may result in candles closing below the EMA

BCH/USD Short-term Trend: Bearish

The cryptocurrency continues in the bearish trend in the short-term outlook. The bearish pressure was sustained and price was down to $684.76 in the demand area before the close of yesterday market.

The daily opening 1hour candle was bearish and the coin was down $677.11 immediately after market opening. The bullish momentum from the demand area manages a push of price to $694.21 in the supply area. This is the 38.2 fib level as you can see. This is a trend continuation zone.

The close of candle below the 10-day EMA will confirm the bears' return and further journey to the south. The daily opening price is $687.69 compared to yesterday opening of $ 711.09. This implies more sellers presence and price may see new lows in the short-term.

The stochastic oscillator is in the overbought region at 82 percent and its signal may point down as the bears return at this zone for downtrend continuation.



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

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