BCH/USD Medium-term Trend: Bullish
Supply zones: $1000, $1050, $1100
Demand zones: $600, $550, $500
Bitcoin Cash remains in bullish trend in the medium term. The bears' pressure was relatively strong as we saw price pushed to $737.25 in the demand area. The bulls made a return as the candle close above the 50-day EMA.
The bears' current activities are normal pullback necessary for market correction. As u can see that the demand area is the 50.0 fib level. The 50 and 61.8 fib level are important trend reversal areas.
In the context of an uptrend, we should expect a bullish return at the 50 or 61.8 fib level.
The stochastic oscillator is at 42 percent and it signals pointing down which implies downward momentum in price movement due to bears pressure.
Traders should be careful about selling the cryptoasset as the bulls may stage a strong comeback very soon.
BCH/USD Short-term Trend: Ranging
The cryptoasset is in consolidation in the short-term outlook. The bears' pressure at the opening of today's’ market push price down to $737.25 in the demand area.
The formation d bullish hammer, a reversal candle pattern return the bulls whose momentum increased made the cryptocurrency witness upward movement in price to $761.59 in the supply area.
The cryptocurrency is trading between $772.89 in the supply area of the upper price range and $741.81 in the demand area of the lower price range. The stochastic oscillator is in the overbought region at 52 percent with signals not define.
Traders should be patient trading the range to allow a well define trend either after a breakout from the upper price range or a breakdown at the lower range before taking a position.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.