Supply zones: $600, $700, $800
Demand zones: $300, $200, $100

BCH continues in consolidation in its medium-term outlook. The bears continued in their journey down south within the range with making a lower low at $444.9 and closing yesterday session as a bearish marubozo candle that confirms strong bears presence.

The 4-hour opening candle at $445.0 was an inverted hammer as the bears continued their dominance and BCHUSD went down to $444.1 in the demand area. Price is above the 10-EMA but below the 50-EMA which reflect minor bullish pressure within the range as confirmed by the stochastic oscillator at 18% whose signal points up.

BCHUSD is in consolidation and trading between $476.00 in the upper supply area and at $430.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area may occur hence patience is required before taking a position coupled with good reversal candles as confirmation before entry.

The cryptocurrency is in a bearish trend in its short-term outlook. The bullish momentum was low when BCHUSD was up at $451.3in the supply area due to exhaustion and formation of a bearish inverted hammer which signal the bears' return.

The strong bearish ensure initially dropped the cryptocurrency at $444.90 before the close of yesterday session and continued after opening as BCHUSD made a low of $441.0 in the demand area before losing momentum.

The cryptocurrency is in a nice downward channel and price is expected to make a touch at the lower line after rejection at the upper line. New lower low may be made in the short-term 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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