Supply zones: $600, $700, $800
Demand zones: $300, $200, $100

BCH continues in consolidation in its medium-term outlook. The bears continue dominance came to an end after a dropped in the cryptocurrency at $444.00 in the demand area. The formation of the bullish inverted hammer at $446.60 at the demand area signalled the bulls returned. $452.10 in the supply area was the point the bullish pressure took the cryptocurrency before the end of yesterday session.

The bullish 4-hour opening candle at $449.50 sustained the bullish momentum with BCHUSD at $480.00 in the supply area earlier today. Price is above the 10-EMA with efforts to break the 50-EMA.

The stochastic oscillator is in at 41% and its signal points up. The implication is an upward price movement within the range as the bullish momentum increased.

BCHUSD is in consolidation and trading between $476.00 in the upper supply area and at $430.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area may occur hence patience is required before taking a position coupled with good reversal candles as confirmation before entry.

The cryptocurrency is back in the range-bound market in its short-term outlook. BCHUSD is back within the range. After breaking the $452.40 and retesting the lower demand area, the bears pushed price further down to $444.00 in the demand area before losing momentum as seen with candles with wicks at the area.

The formation of a doji couple with the bullish candle at $447.20 suggests the bulls takeover. $452.10 was retested before minor pullback before the end of yesterday session that saw BTCUSD down to $447.70 in the demand area.

The 1-hour opening candle is bullish at $448.60. Increased bullish momentum broke the $452.40 point and return BCHUSD to the range as the bulls continue the journey north.

The cryptocurrency is ranging and trading between $470.00 in the upper supply area and at $452.4 in the lower demand area of the range. Patience is needed for a breakout or breakdown to occur before taking a position.

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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