BCH/USD Medium-term Trend: Ranging

Supply zones: $1000, $1100, $1200
Demand zones: $600, $500, $400

BCH remains is in consolidation in the medium term outlook. The strong bearish pressure pushed price down to $782.75 in the demand area. This is below the two EMA crossover.

The bulls’ momentum in the range was weak with a push to $816.42 in the demand area before the bears returned again and continue the south journey.

The stochastic oscillator is at 41 percent and its signal is in parallel line which is a reflection of the ranging scenario.

BCH is still in consolidation and is trading between $832.95 in the supply area of the upper price range and at $771.16 in the demand area of the lower price range.

Patience should be exercised as a breakout from the upper price range or a breakdown at the lower price range will certainly occur. In either way, the candle should close above or below the price range as the case may be a position thereafter be taken.

The cryptocurrency is in a bearish trend in the short-term outlook. The bearish pressure was strong and the $807.79 in the lower range was broke with a large engulfing candle.

Price was further pushed down to $782.75 in the demand area before the close of market yesterday.

The bulls managed a comeback as the cryptocurrency was up $816.42 in the supply area. This was short-lived as the bears returned with the continuous downward push.

The stochastic oscillator is at 48 percent and it signal points down which implies further downward moment in price of the cryptocurrency.

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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