BCH/USD Medium-term Trend: Ranging
Supply zones: $1000, $1150, $1200
Demand zones: $800, $750, $700
Bitcoin Cash is still ranging in the medium term. The cryptocurrency is trading between $906.70 in the supply area and $831.20 in the demand area. The bulls successfully moved price from $869.60 in the demand area to the $906.07 in the supply area.
The bulls momentum gradually fades as the formation of a bearish doji signals a reversal in trend. Hence the bears return that is currently pushing price south.
Price is currently below the two EMAs which implies strong bears pressure.
The stochastic oscillator is at 33 percent and its signals point down. This is an indication of downward momentum in price movement due to the bears' pressure.The lower demand area of the range may be the bears target in the medium-term.
BCH/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in the short-term outlook. The bullish run witnessed at opening of the market could not be sustained as a result of strong resistance at $901.30.The bears' pressure pushed price below the two EMAs and down to $865.21 in the demand area.
Daily candle opened bearish at $882.26 compared to yesterday opening of $889.23. Which means that we have more sellers on ground to further take price down south.
The stochastic oscillator is approaching the oversold region with signals pointing down which implies downward momentum in the movement of price of the cryptocurrency.
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