BITCOIN CASH Price Prediction Today: Daily (BCH) Value Forecast – July 23
- The short and medium-term outlook is in the downtrend.
- Key demand area at $280 is on the card.
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 bears regained control of the market on July at $344.00 in the supply area. The pinbar signaled a trend reversal and subsequently drop in price to $311.00 and $299.56 on 21st and 22nd July respectively.
Today’s 4-hour opening candle at $310.14 closed a spinning top an indication of a reversal after a minor rally to $315.21 in the supply area.
The break of the trendline announces another leg of the downward price movement. With price already down at $302.79 and the stochastic oscillator signal pointing down at 20%. This suggests a downward momentum in price in the medium-term.
$280.00 in the demand area is the bears' initial target, with pressure becoming stronger and more candles opened and closed below the two EMAs.
BCH/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The bears resume continuation at $323.00 during yesterday session. $299.56 was the low the coin attained although the bulls manage to stage a comeback before the end with price up at $312.72 in the supply area.
The bulls sustained the momentum as the market opens today at $308.88 up until it was lost at $315.21 with resistance against further upward movement from the 50-EMA.
Price is down at $307.20 and below the two EMAs. With the signal of the stochastic oscillator points down at 38% a downward momentum in price is confirmed in the shirt-term.
The key demand area at $295.00 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 =$1,429.3494 change ~ 3.95%
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