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.
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