BCH/USD Medium-term Trend: Bearish
Supply zones: $950, $1000, $1050
Demand zones: $800, $750, $700
The asset is in a downtrend in the medium-term. The bears increased pressure led to the break of the lower demand area of yesterday range. They pushed price to $849.16 in the demand area.
The bulls return was not strong enough they only manage a push to the supply area at $879.42. The bears' return was stronger as they pushed price further lower to a new demand area of $827.42.
Stochastic oscillator is in the oversold region at 13 percent. Its signal is still down shown no sign in view for a momentum shift. It implies that the downward momentum will continue as the price of bitcoin cash continue to go further south.
BCH/USD Short-term Trend: Bearish
Bitcoin Cash continues in a bearish trend in the short-term outlook. You can see from the chart that price is making lower highs and lower lows that are down trending market characters.
Rejection to the upward movement of price is seen at the 10-day EMA. Daily opening price was $863.61 compared to yesterday opening of $922.40. It implies that more bears are present in the market for further price push to the south.
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