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

BCH is in a bearish trend in its medium-term outlook. The bears pressure no doubt was evident in the lows been made by the cryptocurrency on 26th and 27th October. $441.00 and $436.3 in the demand area was the low of each day respectively.

The retracement to $443.4 in the supply area by the bulls was necessary for the market correction before downtrend continuation. This was clearly manifested with the bearish spinning top formation at today’s opening and subsequent downward movement in price due to the bears' pressure.

Price is below the two EMAs and the stochastic oscillator at 54% and its signal points down which imply downward momentum.

Bearish pennant continuation pattern is seen forming. It suggests that the bears' pressure would continue and a break of $436.30 in the demand area may occur and this would lead to further downward movement in the medium-term.

The cryptocurrency is in a bearish trend in its short-term outlook. The strong bears pressure as analysed on 26th October because price was at the upper line of the channel. The bearish pressure dropped BCHUSD at $436.30 in the demand area on 27th October.

The effort by the bulsl to push price up was rejected by the 50-EMA. The bullish 1-hour opening candle at $440.00 lifted the cryptocurrency price to $443.40 in the supply area earlier today.

This was a touch at the upper line of the downward channel. Hence strong bearish pressure is expected to drop BCHUSD price lower in the short-term.

Price is below the two EMAs and the stochastic oscillator at 46% with its signal pointing down. These imply further downward price movement of the cryptocurrency. $435.00 in the demand area at the lower line of the channel may be the bears' initial target.

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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