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

BCH is in a range-bound market in its medium-term outlook. The bears' pressure was strong with the cryptocurrency dropping to $510.00 in the demand area. The three soldiers’ formation was an indication for the bulls’ return which was signalled by the bullish spinning top at $513.60.

The bullish engulfing candle confirmed the bulls’ takeover. BCHUSD was up to $557.50 in the supply area. The momentum to further continue was lacking hence the bears returned and price was down to $518.90 in the demand area as the cryptocurrency enters the ranges before the end of yesterday session.

Price is below the 50-EMA and the stochastic oscillator is at 48% and its signal undefined suggesting the ranging scenario.

BCHUSD is ranging within the 38.2 and 61.8 fib level. It is trading between $557.70 in the upper supply area and at $500.00 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area with good reversal candle formation before taking a position in the market.

The cryptocurrency is in a bullish trend in its short-term outlook. The cryptocurrency is in an upward channel. Each touch on the upper and lower channel result in a bounce. A breakout does return price back within the channel.

Currently, the bullish momentum is pushing price up towards the upper line after the spinning top 1-hour opening candle at $521.00 with price up at $534.70 in the supply area.

Price is below the two EMAs and the stochastic oscillator is at 28% and its signal points up. It further confirmed the bullish pressure that may lead to upward price movement 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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