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

BCH enters into a range in the medium-term outlook. The strong bearish momentum from the formation of a bearish inverted hammer pushed the cryptocurrency down to $502.70 in the demand area and below the 10-day EMA.

The momentum was lost as a bearish spinning top formed by the 4-hour opening candle at $511.10 returned the bulls. The bull gradually gathered momentum and pushed price to $539.10 in the supply area as the coin enters the range.

The cryptocurrency is ranging and trading between $560.00 in the upper supply area and at $479.80 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area will occur hence traders should be patient before placing taking a position.

The double top pattern was formed after the bullish momentum broke the trendline and pushed price up $539.10. This returned the bear.

The cryptocurrency is in a bearish trend in the short-term outlook. Although the bears had a strong pressure on price yesterday at $541.0 in the supply area and pushed the coin down to $502.70 in the demand area.

The stochastic oscillator is in the overbought region at 83% and its signal may points down anytime soon as the bearish pressure becomes strong.

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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