Supply zones: $600, $700, $800
Demand zones: $300, $200, $100

BCH is back in a bearish trend in its medium-term outlook. After a remarkable move to the upside as predicted yesterday the cryptocurrency resume the journey south. The W pattern played out well as the bullish pressure pushed BCHUSD to $433.90 in the supply area. This was the high of the day but momentum was lost thereafter. The day ended with an inverted bearish hammer at $427.30 a signalled that the bears are back.

The bearish momentum continues with the 4-hour opening candle at $427.00 that formed another inverted bearish hammer indicating strong bear pressure as the cryptocurrency initially down to $425.70 in the demand area.

The Fibonacci retracement gives a unique presentation of price movement. Yesterday bullish upward movement was up at 61.8 but fail to go further suggesting that the movement was a pullback necessary for the market correction before the downtrend continuation. Hence new low in the demand area is expected today as the bears' pressure becomes much stronger.

The cryptocurrency is in a range-bound market in its short-term outlook. The bulls and the bears had a remarkable struggle yesterday in the market. $410.10 in the demand area was the low of the day while $433.90 in the supply area was the high of the day as the session ended with an inverted bearish hammer a trend reversal signal that favours the bears.

The 1-hour opening candle at $422.10 was a bearish marubozu candle, an indication of strong bears presence as the cryptocurrency ranges.

Price is below the two EMAs and the stochastic oscillator is at 53% with its signal pointing down. This suggests further downward movement within the range in the short-term.

BCHUSD is in consolidation and trading between $430.00 in the upper supply area and at $415.00 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 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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