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.
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