BCH/USD Medium-term Trend: Bearish

Supply zones: $1000, $1100, $1200
Demand zones: $600, $500, $400

Bitcoin Cash is in a bearish trend in the medium term outlook. The strong bearish pressure was sustained and the lower demand area of yesterday range at $800.91 was nicely broken. Price was further down to $771.84 in the demand area due to the bears increased momentum.

Price made a touch at the 50.0 fib level below the 10-day EMA with a long bearish candle. This implies that the bears are still committed to a continuous journey down south.

The stochastic oscillator is in the oversold region at 21 percent its signal is pointing down which implies that we may see more downward momentum in price of the cryptocurrency.

The formation of more bearish candles and subsequent closing below the two EMA may likely see price down at the 61.8 fib level ($746.95) in the medium-term. Should we have the bearish candle close below the 61.8 fib level, the 100 fib level ($660.90) will be the bears' next target.

The cryptocurrency continues in a bearish trend in the short-term outlook. The bears continue their firm control of the market as they pushed price down to $804.86 in the demand area before the close of market yesterday.

The daily opening candle was a gravestone doji and the bulls manage a move of price up to $830.10 in the demand area before the bears returned and pushed to a new low at $771.95 in the demand area.

Price is below the two EMAs and it is forming lower highs and lower lows that bear market characteristics.

The bears' target may be $729.96 in the demand area 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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