BCH/USD Medium-term Trend: Bullish
Supply zones: $1000, $1100, $1200
Demand zones: $600, $500, $400
BCHUSD continues in a bullish trend in the medium term outlook. The bearish pressure managed a push to the 38.2 fib level predicted yesterday at $818.09 in the demand area. This was the first retest of the broken previous supply area now a demand area.
The bullish hammer and spinning top formation are reversal signals at this area. Further confirmation is that all this is happening at the trend continuation zone.
Price is above the 50-day and the stochastic oscillator is 63 percent with signal yet to point up. As the bulls increased their momentum and price head north the signals will reflect this in the medium-term outlook.
BCH/USD Short-term Trend: Ranging
The cryptocurrency continues ranging in the short-term outlook. The bearish pressure of yesterday analysis continued and this led to the cryptocurrency down to $818.90 in the demand area before the close of yesterday market.
The bearish hammer and the railway track are the indications to the bulls come back. Price was initially up to $849.94 but had a pullback to $828.12 in the demand area and later went up to 861.46 in the supply area.
The stochastic oscillator is at 67 percent and its signal is in a parallel line a reflection of the ranging scenario.
BCHUSD is consolidation and trading between $875.96 in the supply area of the upper price range and at $820.84 in the demand area of the lower price range. Traders should wait for either a breakout at the upper range or a breakdown at the lower range before taking a position.
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