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 bears set in after upward price movement by the bulls that saw the pair at $905.00 in the supply area.
The formation of bearish hammer followed by a bearish candle indicates the bear strong pressure. This is further confirmed as the next candle formed was bearish below the 10-day EMA.
The stochastic oscillator is at 67 percent with it signal pointing down. This implies downward momentum in the price of the cryptocurrency in the medium-term.
BCH/USD Short-term Trend: Bearish
The pair is still in a bearish trend in the short-term outlook. The bulls made a good run from the $830.00 in the demand area after yesterday low and pushed price high to $905.61 in the supply area. The bulls lost momentum as they failed to push to the $930.00 in the supply area.
The bears came in and pushed price down below the two EMAs crossover. More bearish candles may likely be formed below the crossover as the bears increased their pressure for a possible retest of $830.00 of the demand area.
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