2018-11-7 08:56 |
BCH/USD Medium-term Trend: Bullish
Supply zones: $800, $900, $1000
Demand zones: $300, $200, $100
BCH is in a bullish trend in its medium-term outlook. The strong bullish pressure broke the critical supply area and push price further up. The large bullish engulfing candle at $569.30 broke the zone as BCHUSD went up to $620.00 in the supply area. The end of yesterday session saw BCHUSD made a high of $637.00 in the supply area.
The 4-hour opening candle at $633.40 is bearish which implies the bears are gradually returning as the bulls briefly lost momentum. The bears' pressure is a retracement that is necessary for the market correction before uptrend continuation. Hence a bearish pullback may get to the 23.6 or 38.2 which are trend reversal areas before the bulls stage a return to continue the journey up.
Price is above the two EMAs also the EMAs are fanned apart which connotes strength in the context of the trend and in this case the uptrend. The stochastic oscillator is in the overbought region at 83% and its signal points up which suggest upward price movement in the medium-term.
BCH/USD Short-term Trend: BearishThe cryptocurrency is in a range-bound market its short-term outlook. After taking BCHUSD to $637.00 in the supply area the bulls lost momentum. Although the 1-hour opening candle is bullish as the strong bears' pressure pushed BCHUSD down to $608.4 in the demand area earlier today.
Currently, price is around the 10-EMAs and the stochastic oscillator at 59% and its signal points down which suggests that the bears may prevail in the short-term as the as the cryptocurrency ranges.
BCHUSD is ranging and trading between $638.50 in the upper supply area and at $587.70 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area with good reversal candle formation before placing a trade.
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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