BCH/USD Medium-term Trend: Ranging
Supply zones: $1000, $1050, $1100
Demand zones: $600, $550, $500
Bitcoin Cash returns to the range in the medium term outlook. The bearish pressure was strong as it broke the lower demand area at $717.68 of yesterday range. Price was pushed to a fresh demand area at $689.19. This was the first touch of price after the coin broke out on June 30th.
The pullback due to the bears' pressure shows that price is at 78.6 fib level a strong reversal zone. The bullish comeback may be expected at that zone.
The stochastic oscillator is in the oversold region at 9 percent and it signal points down which implies downward momentum in the cryptocurrency price.
BCH/USD Short-term Trend: Bullish
The cryptoasset is in a bullish trend in the short-term outlook. The bulls had a good ride at the opening with price pushed high up to$76.04. The formation of an inverted hammer a reversal candlestick pattern returned the bear.
The strong bear pressure pushed the cryptocurrency down to $682.20 in the demand area.
The Bullish hammer and three doji were formed at this demand area an indication that the bulls are back. Moreover, wicks are seen below the candles formed, this is a sign of exhaustion of the bears' momentum.
The stochastic oscillator is in the oversold region at 17 percent. The signal is pointing not define. This suggests that a clears direction is imminent in the short-term.
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