BCH/USD Medium-term Trend: Ranging
Supply zones: $1000, $1150, $1200
Demand zones: $800, $7500, $700
Bitcoin Cash is consolidating in the medium term. The bears and the bulls are in contention for control of the market. The bears indeed retested the $819.00 demand area predicted yesterday. While the bulls strong comeback at this area pushed price high up to $926.10 in the supply area.
The bears came in from this supply area and are taking price down south again. The cryptocurrency is trading between $904.60 in the supply area and $857.00 in the demand area.
A good strategy that gives maximum profit may be considered by traders as the pair ranges.
The stochastic oscillator is in the overbought region at 81 percent. Its signals point down which imply downward momentum in price of the asset 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 bearish pinbar in the supply area after price peaked at $926.61 announced the bears' return. They pushed price lower to $882.30 in the demand area below the 10-day EMA.
The stochastic oscillator signals point down which implies downward momentum in the movement of price of the asset just as more bearish candles may be formed below the 10-day EMA in the short-term.
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