BCH/USD Medium-term Trend: Bearish
Supply zones: $900, $950, $1000
Demand zones: $600, $550, $500
Bitcoin Cash continues in bearish trend in the medium term. The bears kept the momentum up as they pushed price to $679.84 in the demand area, ending yesterday session lower than the previous day.
The opening candle was bearish at $682.61 compared to yesterday opening of $708.31. This implies more sellers presence and pressure to further facilitate downward movement of the cryptocurrency.
$655.32 in the demand area seems to be a strong support for the bullish move as efforts by the bears to break it was rejected. It implies a minor upward move may occur but should be seen as a pullback for downtrend continuation.
Traders should look out for bearish candles reversal pattern before riding down. $604 in the demand area may be retested by the bears in the medium-term.
The stochastic oscillator is in the oversold region at 19 percent and it signals undefined, we may see it pointing up soon due to the strong support for a bullish upward price movement for the pullback before trend continuation.
BCH/USD Short-term Trend: Bearish
The cryptoasset continues in bearish trend in the short-term outlook. The high bearish momentum dropped price as the market opens from $683.27 in the supply area to $647.39 in the demand area.
The bulls are gradually gaining momentum as they pushed price to $666.27 in the supply area but lost ground to the bears due to the formation of bearish railway track.
The stochastic oscillator is at 49 percent with signals pointing up, it implies that we may see upward momentum in price movement of the cryptocurrency in the short-term.
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