BCH/USD Medium-term Trend: Ranging

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

BCH continues in the range in the medium-term outlook. The bulls lost momentum in the supply area after pushing the coin up to $539.10 as a doji was formed. The next 4-hour was a bearish spinning top a reversal candlestick pattern which returns the bears. The cryptocurrency was down to $513.2 in the demand area before yesterday close of the market.

The 4-hour opening candle at $515.90 was bullish and price is currently up at $540.00 in the supply area of the range. The stochastic oscillator is in the overbought region at 76% and its signal is parallel which is a reflection of the current consolidation.

The cryptocurrency is ranging and trading between $560.00 in the upper supply area and at $479.80 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area will occur hence traders should be patient before placing taking a position.

The cryptocurrency remains in a bearish trend in the short-term outlook. The bears manage a pushed to $513.45 in the demand area after the double top formation yesterday analysis and lost momentum.

The bearish hammer formation at the demand area coupled with the bullish 1-hour opening candle at $515.90 returned the bulls.

The cryptocurrency was pushed back up to the supply area at $540.00 forming a triple top. The bears may stage a comeback and push the coin down 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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