BCH/USD Medium-term Trend: Ranging
Supply zones: $800, $900, $1000
Demand zones: $300, $200, $100
BCH still remains in consolidation in its medium-term outlook. $517.70 in the demand area was the low the cryptocurrency attained as the bearish pressure within the range continues before the end of yesterday session.
The 4-hour opening candle at $520.50 was bearish and this further dropped the coin to $509.10 in the demand area. The formation of a bullish pinbar coupled with a hammer had a minor impact on price as EOS was briefly up to $517.50 in the supply area. The bears returned was signaled by the inverted hammer.
Price is below the two EMAs crossover and the stochastic oscillator is in the oversold region at 18%. Its signal is down which implies downward price movement within the range.
BCH is in consolidation and trading between $540.00 in the upper supply area and at $500.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area is imminent hence traders should be patient before taking a position.
BCH/USD Short-term Trend: Ranging
The cryptocurrency returns to the range in its short-term outlook. The bearish railroad at the opening of the trading today led to the downward movement of the cryptocurrency.
BCH was at $509.10 in the demand area as the bears lost momentum and the coin ranges.
The 10EMA is seen acting as strong resistance against upward movement while the stochastic oscillator is at 52% and it signals is parallel which is a reflection of the range-bound market.
BCH is in consolidation and trading between $522.50 in the upper supply area and at $509.20 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position.
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