BITCOIN CASH Price Prediction Today: Daily (BCH) Value Forecast – July 2
- The short and medium-term outlook is in the downtrend.
- Responsible selling at pullback areas may be considered.
BCH/USD Medium-term Trend: Bearish
Supply zones: $500, $600, $700
Demand zones: $100, $50, $30
BCHUSD outlook in the medium-term is in a bearish trend. The bulls lost momentum at $515.54 in the supply area on 26th June. The coin at this area created a double top formation with the previous high of 22nd June. Hence the bears gradual returned with the break of the resistance at the 10-EMA as price drops to $450.00.
Exhaustion of the bears' momentum occurred at $382.28 in the demand area on 27th June. This allows for correction of the impulsive movement as the bulls pushed the coin up to $449.50 in the supply area. This was also the 50.0 fib a trend reversal area.
The bears are back in control of the market to continue the downward price movement with $385.00 as yesterday low before the end of the session.
With today opening on a bearish note at $415.70, the break of the previous low at $382.28 is imminent as the momentum down south increases with $350.00 as the target in the medium term.
BCH/USD Short-term Trend: Bearish
The cryptocurrency is in a downtrend in its short-term outlook. The bears took control despite a bullish opening at $411.77.this was a continuation of the journey the bears began yesterday at $419.17 in the supply area.
BCHUSD fell to $389.70 as the journey down south continues in the short-term.
Price is below the two EMAs and the signal of the stochastic oscillator points at 36% an indication of downward momentum.
$370.00 in the demand area is up for retest as more candles opened and closed below the EMAs.
Live Bitcoin Cash (BCH) Price:
1 BCH/USD =$498.6867 change ~ -1.68%
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.