- The short and medium-term outlook continues in the uptrend.
- Traders may consider buying at higher lows as the cryptocurrency journeys north.
BCH/USD Medium-term Trend: Bullish
Supply zones: $500, $600, $700
Demand zones: $100, $50, $30
BCHUSD outlook in the medium-term continues in a bullish trend. The bullish momentum was sustained with the formation of new higher highs each day. $407.00 and $410.92 in the supply were the high on 13th and 14th of May respectively.
Minor drawdown to $363.00 in the demand area occurred as a correction before the end of yesterday session with the candle closing as a spinning top an indication of exhaustion and subsequent bulls returned.
Today’s 4-hour opening candle sustained the bullish momentum with price up at $395.83 in the supply as the journey up north continues in the momentum.
Price is above the two EMAs which are fanned apart an indication of strength in trend coupled with the signal of the stochastic oscillator pointing up at 69%, it suggests upward momentum in price.
BCH/USD Short-term Trend: Bullish
The cryptocurrency remains in a bullish trend in its short-term outlook. The bulls lost momentum at $410.92 in the supply area during yesterday session. This resulted in a large bearish candle formation as the bears took control of the market. Price dropped to $363.00 in the demand area as the low of the day.
The bulls made a gradual returned signaled by the bullish hammer at $371.49 with today’s 1-hour opening at $381.65 sustaining the momentum to the upside.
Price was up at $395.83 and above the two EMAs with the stochastic signal points up at 79% shortly after opening. These imply continuation in upward price movement in the short-term as the bulls increased pressure on price.
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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