New Study Reveals Only 10% of Bitcoin Cash (BCH) is Used for Transactions

BCH/USD Medium-term Trend: Bullish

Supply zones: $900, $950, $1000
Demand zones: $600, $550, $500

Bitcoin Cash returns bullish in a bearish trend in the medium term outlook. The flag formed resulted in the strong bearish momentum. The bears' pressure pushed price down to $660.93 in the demand area.

Price was at this same demand area on 23rd June. The bullish momentum is gradually building up as price was push up to $705.64 in the supply area with a large bullish engulfing candle.

Price is now above the 10-day EMA, which implies bullish pressure will be seen in the medium-term.

The stochastic oscillator is at 65 percent. Its signal is pointing up which implies upward movement in price of the coin will occur.

BCH/USD Short-term Trend: Bullish

The cryptoasset is back in a bullish trend in the short-term outlook. After dropping the coin at $660.90 in the demand area at the early market opening, the bearish momentum gradually fades and the bulls return.

Price was pushed up to yesterday supply area at $705.64. This is above the two EMA crossover. Triple top formation return the bears for a pullback. The EMAs are acting as a strong support against bears pressure for downward price movement.

The stochastic oscillator is in the overbought region 84 percent. The signal not down. This implies that momentum to the downside is absent and further upward 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.

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