BCH/USD Medium-term Trend: Ranging
Supply zones: $1000, $1100, $1200
Demand zones: $500, $400, $300
BCH is in a range in the medium-term outlook. The strong bearish pressure successfully pushes price down to $565.00 in the demand area. This was the aftermath of the SEC decision to postpone its decision on several bitcoin ETFs.
The bearish momentum gradually fades as bearish hammer a reversal candle pattern was formed at the area. Price was up $600.00 in the supply area due to the bulls gradual returned and momentum increase.
The cryptocurrency is 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 calm and let there be a breakout at the upper supply area or a breakdown at the lower demand area before taking a position.
The stochastic oscillator is in the oversold region at 16% and its signal is parallel which means a ranging scenario in the medium-term.
BCH/USD Short-term Trend: Ranging
The cryptocurrency is in consolidation in the short-term outlook. The bearish pressure was lost after dropping the cryptocurrency at $610.00 in the demand area.
Gradually bullish momentum returns and price was up $599.80 in the supply area above the 10-day EMA.
BCH is 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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