BCH/USD Medium-term Trend: Bullish
Supply zones: $1000, $1050, $1100
Demand zones: $600, $550, $500
Bitcoin Cash resumes in bullish trend in the medium term. The bearish pressure became weak as price was down to $720.35 in the demand area. This is as a result of the bullish spinning top a reversal candle formed at this area, that returned the bulls to the market.
The bullish pressure was strong leading to upward movement in price of the cryptocurrency to $796.73 in the supply area, breaking the high of last week. This brought price above the two EMAs crossover.
A minor flag was formed due to the bears' pressure but was subdued by the bulls as the drive price further high to $830.29 in the supply area.Price is forming higher highs and higher lows that are characteristics of a bullish market.
The stochastic oscillator is in the overbought region at 82 percent and it signals are not pointing down which implies upward momentum in price movement due to bulls pressure may be seen in the medium-term.
BCH/USD Short-term Trend: Bullish
The cryptoasset returns to bullish trend in the short-term outlook. The bullish momentum was high at the $725.20 in the demand area as bullish railway track was formed after the consolidation. This resulted in a bullish breakout with an engulfing candle and making a high of $796.76 in the supply area before the close of market yesterday.
The daily opening candle was a bullish hammer at $785.83, with the bullish momentum increased the cryptoasset made a fresh high of $830.29 this was higher than last week high.
The stochastic oscillator is in the overbought at 78 percent with signals pointing down, it suggests downward momentum in price of the cryptocurrency may occur but this should be seen as a pullback for uptrend continuation.
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