New Study Reveals Only 10% of Bitcoin Cash (BCH) is Used for Transactions

BCH/USD Medium-term Trend: Bearish

Supply zones: $1000, $1150, $1100
Demand zones: $700, $650, $600

Bitcoin Cash is bearish in the medium term. The bears successfully broke the $857.00 in the demand area of the lower price range of yesterday consolidation. The bearish strong pressure dropped price as low as $735.10 in the demand area.

Although the bulls had an initial run as the market opened but was rejected at the 10-day EMA for further upward movement. This brought the bears back with a greater momentum that led to price dropped at $735.10 fresh demand area.

Price is below the two EMAs and the two EMAs are fanned apart. These suggest further bearish pressure.

The stochastic oscillator is in the oversold region and at 17 percent which implies downward momentum in price of the cryptocurrency in the medium-term.

BCH/USD Short-term Trend: Bearish

The bears are in control of the cryptocurrency in the short-term outlook. The daily opening candle was bearish and at $869.03 as against yesterday opening of $882.26.This implies strong bearish pressure.

As you can see that the flag formation was obvious. Initial demand area at $840.07 had a minor bullish move that created the flag before the bears came back and push price down to $790.00 in the demand area. The formation of bullish railway track made another retracement but was resisted at the 10-day EMA before another bearish downward move.

The stochastic oscillator is in the oversold region and it signals pointing up which implies upward momentum in the movement of the cryptocurrency.

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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