BCH/USD Medium-term Trend: Ranging
Supply zones: $1150, $1200, $1250
Demand zones: $1000, $950, $900
The asset is ranging in the medium term. The bullish momentum that pushed price from the demand area at $1062.41 to the supply area at $1158.04 was lost. The bears gradually set in and push price down south to the demand area at $1093.00. The bears' target may likely be the demand zone at $1062.00 area. Price is below the 50-day EMA. As long as there is a rejection of the upward move at this EMA the bears will always be in control within the range. The pair is trading between the upper supply area at $1158.00 and the lower demand area at $1062.00. Patience will be a good strategy to adopt trading within the range.
BCH/USD Short-term Trend: Ranging
Bitcoin Cash is currently ranging in the short-term outlook. The pair is trading between the upper supply range at $115804 and the lower demand are at $1093.28. Although price is above the 50-day EMA and stochastic oscillator is at 60 percent. It implies that bullish activities will be seen within the range as the battle for market control between the bulls and the bears continues. Trading consolidation requires patience. This is necessary to flow with the trend as it breaks out from the upper supply area or breaks down at the lower demand area.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.