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

BCH returns to the range in its medium-term outlook. After the break down at $518.60 in the lower demand area, the bears lost momentum when price was at $507.00.The formation of a bullish spinning top at the demand area signals the bulls returned.

The bullish 4-hour opening candle at $517.00 was a long bullish engulfing candle. BCH was back in the range. Price is above the two EMAs and the stochastic oscillator is at 32% with its signal pointing up. These imply upward movement in price of the cryptocurrency within the range may occur.

BCH is in consolidation and trading between $560.00 in the upper supply area and at $518.60 in the lower demand area of the range. Patience should be exercised during this period and allow a breakout at the upper supply area or breakdown at the lower area to happen before a position.

The cryptocurrency returns to bullish trend in its short-term outlook. The strong bearish momentum was gradually lost at the $507.00.Rejection to further downward price movement was seen as the bulls stage a comeback.

Price was up to $523.90 in the supply area before the end of yesterday session. The bullish 1-hour opening candle at $515.40 sustained the bulls' pressure. The upper downward channel was broken with a large engulfing candle with BCH initially up to $531.50 and later to $535.20 in the supply area.

Price is above the two EMAs and the stochastic oscillator is in the overbought region at 81% with its signal up. These imply strong bullish pressure. BCH may retest the$555.00 area as more candles formed and closed above the EMAs.

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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