Bitcoin Cash Researchers Propose New Transaction Ordering Rule

BCH/USD Medium-term Trend: Bearish

Supply zones: $1000, $1150, $1200
Demand zones: $800, $7500, $700

Bitcoin Cash is in bearish trend in the medium term. The bears continue their control of the market as they pushed price down from $860.80 in the supply area to $829.72 in the demand area. The bulls came in from this area and push price to the $842.11 supply area and the bears returned back . The bears are currently pushing price south.

The stochastic oscillator is in the oversold region at 28.7 percent. Its signals are pointing down. This implies downward momentum in the movement of the price of the cryptocurrency.

As more bearish candles are formed and closed below the 10-day EMA, the bears may likely retest $819.00 in the demand area in the medium-term

BCH/USD Short-term Trend: Bearish

The pair continues in a bearish trend in the short-term outlook. The formation of a doji below the 10-day EMA after the opening of the day market confirms the strong bears' pressure. Price was pushed from $842.00 in the supply area to $813.10 in the demand area.

Efforts by the bulls to push high was seen rejected by the bears. Price is making lower highs and lower lows that are common with downtrend markets.
The formation and closing of bearish candles below the 10-day EMA will justify the bears' control and further move to the downside.

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

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