BCH/USD Medium-term Trend: Bearish

 

Supply zones: $1150.00, $1200.00, $1250.00

Demand zones: $1000.00, $950.00, $900.00

The asset continues its bearish trend in the medium term. The strong bearish momentum that pushed the asset from the supply area at $1210.80 to the demand area at $1071.80 seems to get stronger. Although the bulls were able to push price at this demand zone to the supply area at $1125.00, the bears returned much stronger and pushed price further down to the $1047.00 demand area. This is a retest of the area by the asset, the first been June 2nd.

Price is below the 50-day EMA with a bearish candle on the 10-day EMA. This is a reflection of the bears' pressure. Daily candle open at $1116.67 against yesterday opening at $1176.60 which means more sellers are presently in the market. The bears may continue their dominance of the market in the medium term as more bearish candles formed below the two EMA.

$1000.00 may be the bears' initial target for the asset.  

 BCH/USD Short-term Trend: Bearish

 

The bears are in charge of the short-term outlook of the asset. Price was rejected for the upward move at the 10-day EMA as shown in the chart. This is as a result of the bears' pressure that started with the engulfing bearish candle on June 4th in the supply area at $1174.43. The candle closed below the 10-day EMA. The stochastic oscillator is heading to the overbought with its signal pointing down. This means downward momentum in price as the bears' pressure increases 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

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