BCH/USD Medium-term Trend: Bearish
Supply zones: $900, $950, $1000
Demand zones: $600, $550, $500
Bitcoin Cash continues in bearish trend in the medium term. The pullback by the bulls that occurred over the weekend pushed the cryptocurrency to $745.79. The momentum could not be sustained.
Moreover, the close of price below the 50-Day EMA is an indication of the bears are back. The bears' pressure pushed price down initially to $724.91 in the demand area. The bulls came in briefly and drove price up to $727.68.
Currently, the cryptoasset is down at $720.35 in the demand area as at the time of writing with a potential of making lower lows.
The stochastic oscillator is at 54 percent and it signals points down which implies downward momentum in price movement due to bears pressure in the medium term.
BCH/USD Short-term Trend: Bearish
The cryptoasset continues in bearish trend in the short-term outlook. The bull momentum that occurred at the opening of the market took price to $745.79 was lost as a bearish gravestone doji was formed in the supply area.
The bearish pressure pushed price back down to $724.21 in the demand area below the two EMAs.
The stochastic oscillator is at 38 percent with signals pointing down, it suggests downward momentum in price of the cryptocurrency as the bears’ pressure increases.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.