BCH/USD Medium-term Trend: Bullish
Supply zones: $1000, $1100, $1200
Demand zones: $600, $500, $400
Bitcoin Cash is in a bullish trend in the medium term outlook. The strong bearish pressure was weak when price was down to 771.25 in the demand area as we have the formation of bullish railway track.
The cryptocurrency was up $877.54 in the supply area breaking the upper range or yesterday analysis.
The stochastic oscillator is at 78 percent and its signal points up which implies sustained bullish momentum leading to the upward price movement of the cryptocurrency.
Price is above the two EMAs crossover which is a reflection of the bullish pressure. As more bullish candles formed and closed above the crossover $900.00 in the supply area may be the bulls target in the medium-term.
BCH/USD Short-term Trend: Bullish
The cryptocurrency in a bullish trend in the short-term outlook. The bearish pressure continued at the opening of the market and pushed price down to $771.25 below the two EMAs crossover in the demand area.
The formation of gravestone doji and an inverted hammer that are reversal candlestick brought the bulls back.
With increased momentum price was up $877.54 in the supply area above the two EMAs crossover.
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