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

BCH continues in the range in its medium-term outlook. The strong bearish pressure within the range dropped the cryptocurrency initially to $417.90 and later to $407.90 in the demand area, breaking the lower demand area of the range but closes within the range.

Rejection to further downward price movement occurred as the candle closes with a wick. Price was up $444.50 in the supply area before the end of yesterday session as the bulls returned. The stochastic oscillator is at 52% and its signal is parallel a reflection of the consolidation scenario.

BCH is ranging and trading between $480.00 in the upper supply area and at $415.00 in the lower demand area of the range. Traders should be patient and allow a breakout at the upper area or breakdown at the lower area before taking a position.

The cryptocurrency is ranging in its short-term outlook. The bearish 1-hour opening candle sustained the momentum and dropped the cryptocurrency at $407.90 in the demand area. Exhaustion was seen at this demand area as the bearish momentum reduces.

The formation of bullish engulfing candle signal the bulls take over and BCH was up $444.50 in the supply area Price is below the 10-EMA with the stochastic oscillator at 53% and its signal points down as the coin ranges.

BCH is in consolidation and trading between $448.00 in the upper supply area and at $419.80 in the lower demand area of the range. Traders should patiently wait for a breakout at the upper area or breakdown at the lower 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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