BCH/USD Medium-term Trend: Bearish
Supply zones: $1000, $1050, $1100
Demand zones: $600, $550, $500
Bitcoin Cash is in a bearish trend in the medium term outlook. The bears continue the journey south as bullish upward rejection was seen at $700.40 in the supply area.
Despite the doji and hammer, reversal patterns that were formed the bears' pressure were strong keeping price on a downward movement.
Price is below the two EMAs crossover 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 11 percent and it signal points down which implies we may witness a further downward journey in the cryptocurrency price as the bears' pressure increases.
BCH/USD Short-term Trend: Bearish
The cryptoasset is in a bearish trend in the short-term outlook. The bullish momentum was not enough to push price above $700.80 in the supply area despite the formation of reversal candles of dojis and bullish pinbar. Neither could it pass above the 10-day EMA.
The bears came in at the opening of the market and pushed the cryptocurrency initially to $683.24 in the demand area and later to $682.24.
Daily opening price was $697.62 compare to yesterday opening of 740.90 which means that more sellers are in the market. As they take positions the cryptocurrency may see another lower low.
The stochastic oscillator is at 48 percent. The signal points down. This implies further downward push in the price of the coin may occur in the short-term.
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