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 BCH/USD Medium-term Trend: Bullish

 Supply zones: $1000, $1150, $1200

Demand zones: $850, $800, $750

The asset is in a bullish trend in the medium term. The bears' strong momentum and increased pressure led to the breaking of many critical demand zones and in particular  the $1100.00 last week analysis as the bears' target. Price retested this demand area and made a long journey down south at $889.00 demand area. This is the second time price would be touching this area. The first was on May 29th as you can see from the chart. This is a critical demand area and bullish comeback was noticed on May 29th when price was in this area. The asset is favoured to repeat this same scenario. The stochastic oscillator is in the oversold area and its signal is pointing up. This implies upward momentum. You can see wicks in the candles at this demand area. This is an indication of exhaustion of bears pressure. $949.56 supply area seems to be a barrier to the bulls but as their presence and pressure increase this will likely be broken by the bull. The journey to $1007.00 supply area may be achieved sooner than expected in the medium-term.  

 BCH/USD Short-term Trend: Bullish

 

Bitcoin Cash is in a bullish trend in the short-term outlook. The bears' strong pressure resulted in the break of key demand zones. Price settled at $889.10 in the demand area. The bullish comeback is seen as price was pushed to $975.42 supply area, but was pushed back by the bears. This resulted in the formation of a double bottom pattern at this demand area. This is a reversal pattern and the bulls are back to take price further up. As the bulls increase their momentum and pressure more candles may likely be formed above the 10-EMA. The journey to the north may have started, for the asset as a repeat of  May 29th  scenarios.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own

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