BCH/USD Medium-term Trend: Ranging
Supply zones: $1000, $1150, $1200
Demand zones: $800, $7500, $700
Bitcoin Cash is still consolidating in the medium term. The bears' pressure was strong as price was down to $861.41 in the demand area. They lost momentum to the bulls in this area. The bulls were able to push price high up to $904.50 the upper supply area of the range.
The bears may likely come in from this area with increased momentum and push price back to the demand. $904.60 in the supply area still remains the upper price range while $857.00 in the demand area is the lower price range.
The stochastic oscillator is at 55 percent has moved from the overbought region going to the oversold. Its signals point down which imply downward momentum in price of the asset in the medium-term.
BCH/USD Short-term Trend: Bullish
Bitcoin Cash is in a bullish trend in the short-term outlook. The formation of large engulfing candle above the two EMAs crossover is a confirmation to the bullish pressure.
The stochastic oscillator is approaching the overbought region with it signals pointing up which implies upward momentum in the movement of price of the cryptocurrency as we may see more bullish candles formed above the EMAs crossover.
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