BCH/USD Medium-term Trend: Bullish
Supply zones: $1000, $1100, $1200
Demand zones: $600, $500, $400
Bitcoin Cash continues in a bullish trend in the medium term outlook. The strong bullish pressure broke the critical support zone at $816.87. Further upward price movement due to the increased bullish momentum saw the cryptocurrency at $888.02 in the supply area.
The price is above the two EMAs crossover and the EMAs are fanned apart which implies strength in the context of the trend and in this scenario it is the uptrend. Likewise, the 10-day EMA was a strong support as you can see.
Price is now above the two EMAs crossover, which implies strong bullish pressure which may lead to more bullish candles formed and closed above the crossover.
The stochastic oscillator is in the overbought region and at 86 percent its signal is horizontal which implies a sustained trend. The bulls are favoured to continue to push the coin further up north.
BCH/USD Short-term Trend: Bullish
The cryptoasset remains in a bullish trend in the short-term outlook. They maintain control of the market as a new high of $873.03 in the supply area was attained yesterday. The bearish railway track has little effect as the bears lost momentum.
The daily opening candle was bullish $843.89 and price was pushed further up $888.02 in the supply area before the bears gradually set in. The formation of an inverted hammer was an indication of a trend reversal and price was down briefly to $854.08 in the demand area.
Price is above the 10-day EMA which is an indication of the bullish pressure.
The horizontal trendline is a good support area. Each time price touches it result in a bounce. Should we have a pullback to the trendline we should expect a bounce to the upside that will give new higher high in the short-term.
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