BCH/USD Medium-term Trend: Ranging
Supply zones: $1000, $1100, $1200
Demand zones: $600, $500, $400
Bitcoin Cash is in a ranging scenario in the medium term outlook. The strong bearish pressure pushed price down to $739.21 in the demand area below the two EMAs. The bears' momentum became low as the formation of the bullish railroad brought the bulls back.
The bullish momentum was high as cryptocurrency price was up $833.43 in the supply area above the two EMAs.
The stochastic oscillator is in the overbought region at 78 percent its signal is in a parallel position which implies the consolidation scenario that the cryptocurrency is currently undergoing.
BCH is trading between $833.43 in the supply area of the upper price range and at $773.17 in the demand area is the lower price range. Traders should be patient to ensure that a breakout at the upper range or a breakdown at the lower range occurs before flowing with the trend.
BCH/USD Short-term Trend: Ranging
The cryptocurrency in consolidation in the short-term outlook. The daily candle opens bearish at $807.17 and price down to $784.79 in the demand area.
The formation of the bullish spinning top return the bulls whose momentum drove price to $834.18 in the supply area. The bears returned as inverted hammer a reversal candle pattern was formed at the supply area.
BCH is ranging and trading between $824.15 in the supply area of the upper range and $803.34 in the demand area of the lower range. Patiently waiting for a breakout at the upper range or breakdown at the lower range will be a good strategy before placing a trade.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.