BCH/USD Medium-term Trend: Ranging

Supply zones: $1000, $1100, $1200
Demand zones: $500, $400, $300

BCH continues in the range in the medium-term outlook. $567.00 in the lower demand range of price forecast of 10th August was nicely broken. Price was further down to $536.00 in the demand area.

The formation of bullish hammer signals the bulls’ arrival and price was up 593.10 in the supply area above the 10-day EMA.

The stochastic oscillator is at 78% and its signal points up which means upward momentum in the price of the cryptocurrency within the range in the medium-term.

The cryptocurrency is consolidating and trading between $621.20 in the supply area of the upper price range and at $535.50 in the demand area of the lower price range. Traders should be patient for a breakout at the upper supply area or a breakdown at the lower demand area before taking a position.

The cryptocurrency remains in consolidation in the short-term outlook. The bearish pressure was lost after dropping the cryptocurrency at $536.00 in the demand area.

The bulls gradually stage a comeback. With increased momentum, a large bullish engulfing candle was formed and price was up $591.40 in the supply area. Price is above the 10-day EMA with the stochastic oscillator at 62% which implies some upward movement within the range may likely occur.

BCH is ranging and trading between $595.80 in the upper supply area and at $560.90 in the lower demand area of the range. Traders should be patient and allow a breakout at the upper range or a breakdown at the lower range before taking a position.

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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