cryptocurrency-event-2018

BCH/USD Medium-term Trend: Bearish

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

Bitcoin Cash is in bearish trend in the medium term. The bulls had a brief momentum pushing price to $756.54 in the supply area before it gradually fades. The formation of bearish hammer brought the bears back that push price below the 10-day EMA.

$734.82 was the initial demand area the bears pushed price and currently down to $715.92 in the demand area.

Price is below the two EMAs. This suggests strong bearish pressure.

The stochastic oscillator is at 72 percent and it signals points down which implies the downward momentum in price of the cryptocurrency in the medium-term as the bearish pressure and presence increases.

BCH/USD Short-term Trend: Bearish

The cryptocurrency in bearish in the short-term outlook. The bearish momentum was strong as they pushed price down to $742.09 in the demand area.

Flag is seen formed from the demand area. Flags are pullbacks for trend continuation. This indeed played out as the bears came back strong and pushed price down to $715.92 in the demand area.

The stochastic oscillator is in the oversold region at 25 percent and it signals point down which implies downward momentum in price movement of the cryptocurrency.

 

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

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