BCH/USD Medium-term Trend: Bearish
Supply zones: $900, $950, $1000
Demand zones: $600, $550, $500
Bitcoin Cash remains in bearish trend in the medium term. The double bottom of yesterday analysis did return the bulls. The strong bullish pressure led to price been pushed up to $723.37 in the supply area.
The bullish momentum was a pullback for trend continuation as mentioned in yesterday analysis as the bears returned strongly. The formation of railway track serve as confluence confirmation the bears presence.
Price is below the two EMAs which indicates sellers’ presence and pressure to further take price south.
The stochastic oscillator is in the oversold region at 25 percent and it signals points down which implies the further downward momentum in price of the cryptocurrency in the medium-term as the bear increases extend their control of the market
BCH/USD Short-term Trend: Bearish
The cryptoasset continues in bearish in the short-term outlook. The bulls made a strong comeback from $687.84 in the demand area and pushed price up $723.37 in the supply area above the 10-day EMA.
The double top formation, a reversal pattern, returns the bears. $689.24 in the demand area was price the bears pushed cryptocurrency.You can see the 10-day EMA acting as a strong resistance to price upward movement.
The stochastic oscillator is in the oversold region at 19 percent and it signals point down which implies that we may see more downward momentum in price movement of the cryptocurrency in the short-term.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.