BCH/USD Medium-term Trend: Ranging
Supply zones: $1000, $1050, $1100
Demand zones: $600, $550, $500
Bitcoin Cash is ranging in the medium term outlook. The bullish pressure that pushed price up to $809.82 in the supply area was lost as the bears' return. This is due to the formation of bearish pinbar a reversal candlestick pattern around the 38.2 fib level.
Efforts by the bulls for upward price movement was rejected at the 23.1 fib level ($787.23).
The cryptocurrency is ranging trading between 787.23 (23.1 fib level) in the supply area of the upper price range and $739.02 (50 .0 fib level) in the demand area of the lower price range.
The stochastic oscillator is at 33 percent and it signal points down which implies downward momentum in price movement will occur due bears pressure.
Patience should be exercised trading the consolidation to allow for a breakout at the upper price range for a long position or breakdown at the lower price range for a short position.
BCH/USD Short-term Trend: Ranging
The cryptoasset is in consolidation in the short-term outlook. The bullish pressure at the opening of today's’ market could not hold as the bears' strong pressure pushed price down to$ 752.56 in the demand area.
The doji and hammer formation return the bulls and price up $784.86 in the supply area before another bear return with price down to $757.89 in the demand area below the two EMAs crossover.
The cryptocurrency is trading between $787.23 in the supply area of the upper price range and $739.02 in the demand area of the lower price range.
The stochastic oscillator is at 20 percent with signal pointing down. It implies some downward momentum in the cryptocurrency price movement in the short-term may occur.
Traders should be patient trading the range to allow either 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.