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

BCHSV continues in a range-bound market in its medium-term outlook. The effect of the large bearish engulfing candle at $98.41 that opened yesterday session remains strong. BCHSVUSD was down to $90.06 in the demand area after formation of an inverted hammer before the session ends yesterday.

The bearish 4-hour opening candle today at $90.30 sustained the bears' pressure as price dropped to $88.23 in the demand area. Price is within the two EMA with stochastic oscillator signal in parallel line at 23%. These reflect the ranging scenario.

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 remains a bearish trend in its short-term outlook. After the retest ta the 50-EMA in which the cryptocurrency was up at $95.04 in the supply area. The bears returned with a drop in BCHSVUSD price to the low of the day of $90.06 in the demand area.

$88.23 was earlier tested today as the bears continue the journey down south. The stochastic oscillator is in the oversold region at 17% with it signal pointing down and with price below the two EMAs. These indicate continued bears pressure in the short-term.

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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