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 bearish pressure forced the cryptocurrency down to $707.14 in the demand area over the weekend. The effort for a further downward push was rejected as the formation of a bullish pin bar brought the bulls back.
Price as up $781.91 in the supply area due to the bullish momentum. Four dojis and a hammer were formed around the $770.00 area which implies indecision. The bearish candle that was formed after gave control to the bears and price was down to $736.88 in the demand area below the 10-day EMA.
The stochastic oscillator is at 61 percent and it signal points down which implies downward momentum in the cryptocurrency price.
The coin is ranging and trading between $775.13 in the supply area of the upper price range and at $717.68in the demand area of the lower price range. Traders should be patient and wait for a breakout from the upper range to go long or a breakdown at the lower range to go short.
BCH/USD Short-term Trend: Bullish
The cryptoasset is in bullish trend in the short-term outlook. The upper trendline acted as a strong support for bullish takeoff. July 7th was the first touch and the bulls took price up to$781.19 in the supply area.
The second touch on the line is where we are currently. A bounce to the upside is may occur with the cryptocurrency likely to retest $781.19 supply area.
The stochastic oscillator is in the oversold region at 23 percent. The signal is pointing up. This suggests upward momentum in the cryptocurrency price as the bulls keep the pressure up in the short-term.
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