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

BCH is in a bullish trend in its medium-term outlook. The weak bear pressure could not pass the 38.2 fib area as the cryptocurrency had a minor drawdown to $424.10 in the demand area. The 10-EMA was seen acting against price further downward movement.

The returned bullish pressure pushed the cryptocurrency up to $426.2 in the supply area above the EMA and within the 50 fib area. The market opened with the sustained bullish momentum as BCHUSD was up at $439.2 in the supply area between the 78.6 and 61.8 fib area.

Price is above the 10-EMAs a bullish pressure signal. The stochastic oscillator is in at 78 and its signal points up which suggest upward movement in price of the cryptocurrency in the medium-term. $440.00 in the supply are may be the bulls target as the momentum to the north increases.

The cryptocurrency continues in a range-bound market in its short-term outlook. The bulls and the bears continue the struggle for market dominance. The bears' pressure manages a drop of BCHUSD to $424.00 in the demand area.

Rejection to further downward movement at the two EMAs as they serve as a strong support for the bulls return. Price was up at $429.50 in the supply area above the two EMAs as the session ended yesterday.

The 1-hour opening candle at $427.10 was a bullish morning star as price was up at $439.4 in the supply area breaking the upper supply area of the range earlier this morning.

The bears returned with a large bearish candle as BCHUSD returned to the range with price down to $426.2 in the supply area.

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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