BCH/USD Medium-term Trend: Bearish
Supply zones: $900, $950, $1000
Demand zones: $600, $550, $500
Bitcoin Cash is in a bearish trend in the medium term outlook. The bears continue their control of the market as the cryptocurrency was down to a fresh low at $671.47 in the demand area.
The rejection of upward price movement due to the bullish pressure occurred at $708.19 in the supply area. Which resulted in the bearish high momentum that created the fresh lower low.
The formation of flag due to the bears' minor pullback is important. Flags are a market correction for previous trend continuation. Hence, we are likely to see strong bearish pressure pushing price further down in the medium-term.
The stochastic is in the oversold region and at 12 percent. Its signal is pointing down which connotes downward movement in price of the coin.
BCH/USD Short-term Trend: Bearish
The cryptoasset continues is in a bearish trend in the short-term outlook. The bullish momentum at the opening that pushed price to $708.19 in the supply area faded away at the 50-day EMA. This acted as a strong resistance against further upward price movement.
The bears took over at this supply area and pushed the coin down to $671.47 in the demand area. You can see that the 10-day EMA likewise was a strong resistance to upward price movement.
The stochastic oscillator is in the oversold region at 15 percent. The signal not up. This implies that momentum to the upside is absent and further downward push in the price of the coin may occur in the short-term.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.