- The short and medium-term outlook remains in a bearish trend.
- Traders may consider selling at bullish exhaustion area with bearish reversal candlestick as confirmation.
BCH/USD Medium-term Trend: Bearish
Supply zones: $300, $400, $500
Demand zones: $100, $50, $30
BCHUSD outlook in the medium-term is in a bearish trend. The bears kept the market under control over the weekend. With a large bearish engulfing candle at $258.34, BCHUSD dropped to $283.99 in the demand area $244.00 before the momentum loss.
Correction by the bulls is creation a flag with price up at $250.30 before the end of yesterday session. Today’s 4-hour opening candle at $248.93 sustained the bullish pressure. A push to the 10-EMA may occur before the bears returned.
Price is below the two EMAs. The EMAs area fanned apart which implies strength in the current downtrend. The stochastic oscillator signal points down at 26% suggesting downward momentum in price of the cryptocurrency in the medium-term.
BCH/USD Short-term Trend: Bearish
The cryptocurrency continues in a bearish trend in its short-term outlook. After dropping price to $244.00 in the demand area, exhaustion sets in denoted by wick in the candle. Retracement to the 38.2 fib area at $250.30 occurred before the end of yesterday session.
The bears sustained the momentum with a bearish candle at today’s opening at $249.90 with the 10-EMA acting as resistance against upward price movement.
Price is below the two EMAs, an indication of bears pressure while the stochastic oscillator signal points up, suggesting a brief upward movement before the downward movement.
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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