BCH/USD Medium-term Trend: Bearish

Supply zones: $800, $900, $1000
Demand zones: $300, $200, $100

BCH is in a bearish trend in its medium-term outlook. The bullish pressure pushed BCHUSD to a new high at $646.80 in the supply area before showing exhaustion as denoted by wicks in the two candles. The large bearish engulfing candle announced the bears returned. BCHUSD was down to $612.40 in the demand area before the end of yesterday session.

The 4-hour opening candle at $620.03 was another bearish engulfing candle a signal that the bears' pressure is strong as BCHUSD dropped to $580.00 in the demand area.

Price is below the 10-EMA and the stochastic oscillator is at 47% and its signal points down which suggest further downward price movement in the medium-term as the bears' pressure becomes much stronger.

The bears may continue pushing down to the 50.0 or 61.8 fib level before a possible loss in momentum and the bulls may return at that level in the medium-term.

BCH/USD Short-term Trend: Bearish

The cryptocurrency is in a bearish trend in its short-term outlook. After breaking the 10-EMA and dropping the price from $646.80 in the supply area to $610.50 in the demand area, the strong bearish pressure broke $587.70 in the lower demand area of yesterday range this morning.

Currently, price is around the broken demand area, a retest is necessary to further confirm that the bears have started the journey south in the short-term.

The stochastic oscillator is in the oversold region at 9% and its signal points down which suggests that the bears may prevail in the short-term and the cryptocurrency price may go further down.




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

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