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 bulls had some momentum that got price to the upper supply area of the range at $1169.43 from the demand area at $1092.59. They lost the momentum at the supply area as the bear set in. The formation of a doji, a reversal sign confirms the journey to the south. The bears are really bent in taking the market south as the rejection to the bullish railway track was seen as the new candle show the bears pressure. The stochastic oscillator is in the overbought region and the signal have crossed. As the bears increase their pressure and presence in the market, the bears' target may be the demand area at $1046.46 in the medium term.  

BCH/USD Short-term Trend: Bearish

 

Bitcoin Cash is bearish in the short-term outlook. The pair rose to the supply area at $1160.76 early today as the bulls had light momentum. The bears came in after upward rejection of the bullish move and pushed price down. The asset had made three touches on the trendline. The fourth touch is expected to lead to a breakdown and price may go south after a retest of the trendline. Stochastic oscillator is at 45 percent and its signals point down. This implies downward momentum. The bears' first demand area may be $1127.00 after which we may see the pair at $104.25 demand area 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.

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