(BCH) Price Watch Bitcoin Cash Coin Analysis & Market Trends June 21

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.

 

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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