Supply zones: $150, $200, $250
Demand zones: $60, $50, $40

BCHSV is in a range-bound market in its medium-term outlook. The bullish pressure pushed price back up at $103.38 in the supply area after a brief drawdown by the bears' pressure. The bears had another brief control with a drop in price to $87.00 in the demand area on 1st December but closed lower at $101.35 as the session ended yesterday.

The 4-hour opening candle at $98.41 sustained the bears' pressure as cryptocurrency goes into consolidation.

BCHSVUSD is consolidation and trading between $110.00 in the upper supply area and at $70.00 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries.

The cryptocurrency is nicely captured in a bearish pennant pattern in its short-term outlook. The break of the lower line of the pennant and retest was a confirmation for the downward continuation. The bulls lost momentum after pushing price up at $101.50 in the supply area. This retracement was necessary for the market correction before the break in the trendline.

Price is below the EMAs crossover an indication of bear pressure. $75.00 in the demand area is the bears' initial target as the pressure down south becomes much stronger.

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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