BCH/USD Medium-term Trend: Bearish

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

BCH remain in a bearish trend in its medium-term outlook. The bears' pressure from the 4th September at $642.30 in the supply area that dropped the coin to $485.00 in the demand area on 6th September was briefly. This was due to the formation of a pinbar at this  area a signal to bulls arrival.

Price was up to $528.70 in the supply area below the EMA crossover with the 10-day EMA acting as a resistance to upward price movement.

The bullish pullback currently got price to the 23.6 fib level, a trend continuation zone. A further push to 38.2 fib level may occur due to the stochastic oscillator at the oversold region and its signal points up.

The bears may return at either of this fib level to resume the downtrend continuation and BCH may further drop in the medium-term outlook.

The cryptocurrency is ranging in its short-term outlook. After dropping the coin to $485.00 in the demand area the bears lost momentum. The bulls arrival was seen with the large engulfing candle and BCH was up to $523.00 in the supply area before the close of trading session yesterday.

Price was up earlier today to $528.70 in the supply area above the 10-day EMA as the cryptocurrency ranges in the short-term outlook.

BCH is in consolidation and trading between $546.10 in the upper supply area and at $493.60 in the lower demand area. Traders should be patent or a breakout at the upper supply 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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