2018-7-16 14:57 |
BCH/USD Medium-term Trend: Bullish
Supply zones: $1000, $1050, $1100
Demand zones: $600, $550, $500
Bitcoin Cash continues in a bullish trend in the medium term outlook. The bullish strong pressure was sustained as price was above the 10-day EMA making a high of $731.20 in the supply area.
The downward trendline was nicely broken as you can see from the chart. It was the fourth touch on the line that led to a breakout as the bullish momentum was high. The minor pullback by the bears drops the coin at $715.36 in the demand area before the bulls returned.
The bulls returned with a large engulfing candle pushing price to a fresh high. As at the time of writing price was up $769.97 in the supply area.
Price is now above the two EMAs crossover, which implies strong bullish pressure which may lead to more bullish candles formed and closed above the crossover.
BCH/USD Short-term Trend: BullishThe cryptoasset remains in a bullish trend in the short-term outlook. The bulls takeover was further justified as price remains above the two EMAs crossover after a high of $730.77 in the supply area.
The minor pullback to $715.36 in the demand area by bears was needed for a market correction. The formation of railway track at this demand returned the bulls whose high momentum further pushed the cryptocurrency to $783.09 in the supply area as at the time of writing.
Price is forming higher highs and higher lows that are unique to the bullish market. The cryptocurrency may give new highs as upward movement in price resulting from bullish momentum.
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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