BITCOIN CASH Price Prediction Today: Daily (BCH) Value Forecast – July 16
The short and medium-term outlook is in a downtrend.
Selling opportunities may be considered in pullback areas.
BCH/USD Medium-term Trend: Bearish
Supply zones: $400, $500, $600
Demand zones: $100, $50, $30
BCHUSD outlook in the medium-term is in a bearish trend. The bear sustained the momentum down south as the start of the week with as the coin fell to $255.06 in the demand area. The correction of the impulsive move was necessary during yesterday session as price shot up to $328.39 in the supply area.
With the doji formation and a pinbar toward the end of yesterday session, the bullish exhaustion was confirmed and the bears returned for the downward continuation.
Today’s opening price was $398.00 as the bears sustained the momentum breaking the 10-EMA. BCHUSD is down to $289.79 in the demand area. The signal of the stochastic oscillator points down at 53% and price is below the two EMAs suggesting downward continuation in price continuation in price in the cryptocurrency medium-term.
The demand area at $240.00 is bears target for a retest as the journey south continues.
BCH/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The bears returned as the market opened today at $320.04 with the bearish railroad formation. The cryptocurrency fell initially to $301.06 and later $289.79 in the demand area following the break of the resistance at the two EMAs crossover.
Price is below the two EMAs and the signal of the stochastic oscillator points down at 16% an indication of downward momentum.
The key demand area at $260.00 is up for a retest as the bears mount on the pressure on the coin in the short-term.
Live Bitcoin Cash (BCH) Price:
1 BCH/USD =$535.2788 change ~ 0.26%
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