BCH/USD Medium-term Trend: Bearish
Supply zones: $600, $700, $800
Demand zones: $300, $200, $100
BCH is in a bearish trend in its medium-term outlook. The lower demand area of yesterday range at $500 was broken with a large bearish engulfing candle.
The cryptocurrency went further down to $448.00 in the demand area. The bears' strength was further fueled by comments from the American Association of Retired Persons.
BCH was around this demand area on September 11th and 25th when it was down to $424.80 and $432.70 respectively. Despite the 30% recovery, strong bears pressure may shed off this gains.
Price is below the two EMAs crossover and the stochastic oscillator is in the oversold region at 18% and its signal points down which implies bearish pressure. BCH may retest $420 in the demand area before a possible trend reversal.
BCH/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The bullish momentum within yesterday range was lost at $522.30 in the supply area as the bears gradually set in.
BCH was down to $515.20 I the demand area before the end of yesterday session.
The large bearish engulfing candle after today’s opening broke the $509.20 in lower demand area of yesterday range. BCH dropped to $448.00 in the demand area earlier today.
BCH may drop further in the short-term as price is below the two EMAs crossover and the stochastic oscillator signal points down. These indicate strong bears presence.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.