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

BCH continues in a bearish trend in its medium-term outlook. The strong bears' pressure was evident as BCHUSD made lower lows and also breaking key demand areas and fib levels.

The 50.0 fib level was tested on 11th November with a drop of BCHUSD to $518.20 in the demand area. before the close of yesterday trading session.

The bearish 4-hour opening candle at $535.50 sustained the bears' momentum as the cryptocurrency was down to $504.70 in the demand area. Brief pullback due to bulls pressure is currently happening. This is necessary for the market correction before downtrend continuation.

Price is below the two EMAs and the stochastic oscillator is in the oversold region and 16% and its signal points down suggesting further downward price movement in the medium-term. The bears' target is now 61.8 or 78.2 fib level before a possible loss in momentum.

The cryptocurrency is in a bearish trend in its short-term outlook. The cryptocurrency is in a downward channel. Despite a bullish 1-hour opening candle at $528.8 rejection of the upward price movement was seen with the formation of a doji and subsequent drop of BCHUSD to $504.70 in the demand area.

This was also around the lower line of the channel. The bulls may push up to the upper line of the channel before the bears stage a comeback that may saw BCHUSD making a new low before the end of today’s session $500.00 in the demand area may be retested as the bears' pressure 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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