Supply zones: $800, $900, $1000
Demand zones: $300, $200, $100

BCH continues in a bearish trend in its medium-term outlook. After dropping the cryptocurrency to $518.20 in the demand area yesterday the bears briefly lost momentum. This gave momentum to the bulls to push price up to $544.00 in the supply area.

Rejection of upward movement occurred at the 50-EMA. Moreover, this pullback by the bulls is necessary for the market correction before the resumption of the downtrend.
The bearish 4-hour opening candle at $520.60 sustained the bears' momentum as the cryptocurrency was down to $508.50 in the demand area earlier today.

Price is below the two EMAs crossover and the stochastic oscillator is in the oversold region and 19% and its signal points down suggesting further downward price movement in the medium-term. The bears' target still remains the 61.8 or 78.2 fib level before the bulls could stage a comeback.

The cryptocurrency is in a bearish trend in its short-term outlook. The cryptocurrency remains in a downward channel. $544.00 in the supply area was the high the bulls could take the cryptocurrency as predicted in yesterday analysis.

This was at the upper line of the channel. The bears sets in as bearish reversal candles were formed at the area. BCHUSD is set to touch the lower channel at $500.00 as the bear pressure increase in the short-term.

The 1-hour opening candle at $526.30 is bearish with price down to $508.50 in the demand area earlier today.

Price is below the 10-EMA and the stochastic oscillator is in the oversold region at 16% an indication of continued bears pressure. $500.00 in the demand area remains a target as the bears' pressure becomes much stronger.

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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