• The medium-term outlook is in a range-bound market while the bears are in control of the short-term.
• Responsible selling may be considered.

BCH/USD Medium-term Trend: Ranging

Supply zones: $500, $600, $700
Demand zones: $100, $50, $30

BCHUSD outlook in the medium-term remains in a range-bound market. The bulls took control of the market within the range over the weekend as predicted. BCHUSD rose to a high of $439.86 in the upper supply area and $400.42 as the low in the range. Yesterday session had the bulls push price back up to $439.78 at the upper supply area for the second time creating a double top formation within the range.

This returned the bears back to the market with a drop in price to $425.10 and a close with an inverted hammer formation denoting bears control.

Today’s market opened with the bears sustaining the downward momentum with a close below the 10-EMA at $424.58. The stochastic oscillator signal pointing down at 48% an indication of the bears to keep pushing down within the range.

BCHUSD is in consolidation and trading between $440.00 in the upper supply area and at $360.00 in the lower demand area of the range. Patience is required for a breakout at the upper supply area or breakdown at the lower area before a position should be taken.

BCH/USD Short-term Trend: Bearish

The cryptocurrency is in a bearish trend in its short-term outlook. The key supply area around the $435.00 has the bears' pressure strong. The cryptocurrency drops to $425.10 when price was at this area before the flag formation during yesterday session.

Today’s 1-hour opening candle at $433.34 sustained the bears' pressure as BCHUSD was down to $424.50.

The signal of the stochastic oscillator points down at 15% in the oversold region and the price is below the two EMAs, an indication of continues downward momentum in price of the cryptocurrency in the short-term possibly after the brief flag formation.

$416.00 in the demand area is on the card with increased bears pressure in the short-term.

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