BCH/USD Medium-term Trend: Bearish
Supply zones: $1000, $1100, $1200
Demand zones: $500, $400, $300
BCH continues in the bearish trend in the medium term outlook. The strong bearish pressure pushed price down to $644.60 in the demand area. The increased bearish momentum further drops the cryptocurrency down to $602.90 in the demand area.
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.
The stochastic oscillator is in the oversold region at 7% and it signal points down which implies downward momentum in the price of the cryptocurrency as bears pressure.
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 $644.60 in the demand area before the close of yesterday market. The daily opening 1hour candle was bearish and the coin further down $602.90 in the demand area.
The bullish railroad formation a could not push pass $622.0 as rejection was seen around the 10-day EMA. The close of candle below the 10-day EMA will confirm the bears' return and further journey to the south.
The stochastic oscillator is in the oversold region at 16 % and its signal points down which implies downward momentum in price of the cryptocurrency.
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