Bitcoin Cash (BCH) Network Stress Test Details: September 1, 2018 Details

BCH/USD Medium-term Trend: Bearish

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

BCH remains in a bearish trend in its medium-term outlook. A new low of $424.80 was made yesterday before the end of the trading session as the strong bearish pressure was sustained.

The 4-hour opening candle today at $439.90 was a large bearish candle an indication of increased bearish momentum. The cryptocurrency was down to $420.50 in the demand area. This is few pips away from the $415.00 bears target.

Price is below the two EMAs with the 10-EMA acting as a strong resistance to upward price movement. The EMAs are fanned apart which connotes strength in the context of the trend and in this case the downtrend.

A break in the $415.00 target will imply that the road to $300.00 in the demand area is opened as the bears continue the ride down south.

BCH/USD Short-term Trend: Bearish

The cryptocurrency continues is in a bearish trend in its short-term outlook. The strong bearish pressure dropped the cryptocurrency down at $424.80 in the demand area before the end of yesterday trading session.

This was predicted in yesterday analysis. Price is below the two EMAs with the 10-EMA continuously resisting upward price movement.

More journey downward may be  expected as the bearish momentum increased in the short-term. The stochastic oscillator remains in the oversold region at 11% and its signal points down, which imply downward movement in price.




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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