New Study Reveals Only 10% of Bitcoin Cash (BCH) is Used for Transactions

BCH/USD Medium-term Trend: Ranging

Supply zones: $1000.00, $1150.00, $1200.00
Demand zones: $850.00, $800.00, $750.00

The asset is ranging in the medium term. The asset is trading between $949.58 of upper supply area and $889.07 of the lower demand area. The bulls succeeded in breaking past the upper range and took price to $966.93 in the supply area but the bears brought price back inside the range. The formation of Pinbar, a reversal candlestick pattern, at the upper supply area, is an indication of the bears' pressure. Stochastic oscillator is in the oversold region but is crawling which implies the consolidation scenario that is happening in the pair.

BCH/USD Short-term Trend: Bearish

Bitcoin Cash is in a bearish trend in the short-term outlook. The bullish pressure pushed price up to $966.33 in the supply area after the formation of a bearish pinbar at $894.22 in the demand area. The bears returned after formation of two inverted hammer at the supply area and pushed price below the 10-day EMA. The stochastic oscillator is at 35 percent and its signals point down which implies downward momentum. As bears pressure increases and more bearish candles formed below the 10-day EMA, the demand area at $894 may be retested.
The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own

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