Bitcoin Cash (BCH) Technical Analysis August 17th

BCH/USD Medium-term Trend: Ranging

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

BCH continue ranging in its medium-term outlook. The strong bullish pressure keeps pushing price up to $477.10 in the supply area before the end of yesterday session.

The 4-hour opening candle is bullish at $463.70 and BCH was up $476.20 earlier today in the supply area as the cryptocurrency ranges.

Price is above the 10-EMA and the stochastic oscillator is at 78% and its signal points up. These imply bullish pressure and price of the cryptocurrency may be up in the range.

BCH is ranging and trading between $500.00 in the upper supply area and $415.00 in the lower demand area of the range. Traders should be patient and allow a breakout at the upper area or breakdown at the lower area before taking a position.

BCH/USD Short-term Trend: Bullish

The cryptocurrency is in a bullish trend in its short-term outlook. The strong bullish pressure broke the upper supply area at $460.70 after about three touches on the line. Price went further up to $477.10 in the supply area with a large engulfing candle.

The supply-turned-demand area was retested and price went down to $458.60 in the demand area. The bullish railroad formation pushed BCH up to $476.20 in the supply area above the 10-EMA earlier today.

Price is forming high highs and high lows, characteristics of an up trending market. As the bull's momentum increased new higher highs may occur in the short-term before a bearish pullback.

 

 

 

 

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

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