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

BCH is in a range in its medium-term outlook. The hovering of price on the 10-EMA from 28th September till today is a reflection of the bulls and bears struggle for control of the market.

The bullish hammer formation on 29th September at $520.10 briefly gave control to the bulls and this led to BCH up to $5682.60 in the supply area before losing momentum. $516.19 in the demand area was the point the bear pressure dropped price after the market takeover at $548.15 as the cryptocurrency ranges.

The stochastic oscillator is at 43%. Its signal is parallel which is a reflection of the ranging scenario.

BCH is in consolidation and trading between $580.30 in the upper supply area and at $506.80 in the lower demand area of the range. Patience should be exercised during this period and allow a breakout at the upper supply area or breakdown at the lower area to happen before a position.

The cryptocurrency enters the range in its short-term outlook. The bears' pressure from $553.00 in the supply area dropped the cryptocurrency at $516.90 in the demand area. A further downward movement was rejected as the bulls stage a comeback.

The bullish hammer formation followed by another bullish candle confirmed the bulls' presence. Price was up $544.00 in the supply area above the two EMAs crossover as the cryptocurrency ranges.

$563.10 is the upper supply area while $514.20 is the lower demand area of the range in the short-term. A breakout from the upper supply area would suggest a long position while a breakdown at the lower demand area would be good for shorting.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

247 +