- The short and medium-term outlook is the uptrend.
- The retest at $452.91 in the supply area is on the horizon.
BCH/USD Medium-term Trend: Bullish
Supply zones: $500, $600, $700
Demand zones: $100, $50, $30
BCHUSD outlook in the medium-term returns to a bullish trend. The bears successfully dropped price at the 61.8fib area as predicted. $337.42 in the demand area on 17th May became the low of the day as the bears lost momentum with the formation of a bearish spinning top while the bulls gradually took control of the market.
The break of the two EMAs with a large engulfing candle at $357.57 confirmed the bulls dominance and the cryptocurrency price jumped to $397.00 in the supply area. Exhaustion of the bullish momentum occurred at $434.12 with the bears’ setting in for a minor correction with the formation of an inverted doji as yesterday market closes.
Today’s 4-hours opening candle at $417.58 closed a doji after the sign of bearish exhaustion. The cryptocurrency was down at $39415 in the demand area.
Price is above the two EMAs and the signal of the stochastic oscillator pointing down at 77%. This suggests a possible pullback to the 10-EMA before uptrend continuation in the medium-term.
BCH/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The bulls had a nice journey over the weekend with price up at $432.94 in the supply area on its way to retest the $452.91 in the supply area it attained on 16th May.
Today’s 1-hour opening candle at $428.28 had the bears returned for correction and subsequent confirmation of the bullish continuation. BCHUSD was down to $394.55 in the demand area with the 50-EMA acting as strong support for upward price movement.
The signal of the stochastic oscillator points up at 49% with price above the 50-EMa. These imply an upward momentum in the short-term.
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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