BCH/USD Medium-term Trend: Bearish
Supply zones: $1000, $1150, $1200
Demand zones: $800, $7500, $700
Bitcoin Cash continues its bearish trend in the medium term. The bullish run that started yesterday after the formation of a doji from $814.10 in demand area came to end with the formation of another doji at $874.95 in the supply area.
The bears' pressure from the supply area has been pushing price down south. Currently, price is below the 10-day EMA, which implies strong bearish pressure.The stochastic oscillator is 37 percent but may be rejected for further upward momentum as the bears increase their pressure on the cryptocurrency pair
Daily opening price was $826.14 compared with yesterday opening of $863.61. This simply means that more sellers area present in the market that buyers
The bear may retest $795.00 demand area again.
BCH/USD Short-term Trend: Bearish
The pair is in a bearish trend in the short-term outlook. The bulls were able to push price up to the supply area with a large engulfing candle but lost momentum to break past the resistance at $870. The bears thereafter return and push price down and below the 10-day EMA.
The stochastic oscillator has left the overbought region and at 45 percent. It signals points down. This implies downward momentum in the price of the pair as the bears increase their presence and pressure.
The demand area ta $820.00 may likely be the bears.
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