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

BCH continues ranging in its medium-term outlook. The bears stage a comeback within the range after the formation of a doji on 15th September at $460.02 in the supply area. BCH was down to $425.10 in the demand area on September 16th.

The bullish pressure returned after the hammer formation at the demand area and BCH price was back up to $452.00 in the supply area. The 4-hour opening candle at $450.50 sustained the bullish momentum and BCH was up $463.40 earlier today in the supply area as the cryptocurrency ranges.

Price is above the 10-EMA and the stochastic oscillator is at 71% and its signal points up. These imply bullish pressure and upward movement in price of the cryptocurrency may occur within the range.

BCH is ranging and trading between $500.00 in the upper supply area and $415.00 in the lower demand area of the range. Traders should be patient and allow a breakout at the upper area or breakdown at the lower area before taking a position.

The cryptocurrency is in a bullish trend in its short-term outlook. Exhaustion to bearish pressure was seen with wicks at $425.10 in the demand area. The bulls gradual returned was further confirmed with the bullish engulfing candles as BCH was up $4542.00 before the end of yesterday trading session.

The Fibonacci shows current pullback is within the 23.6 level a trend continuation zone. 38.2 level may be tested before the bulls comeback in the short-term. The pullback is necessary for the market correction to take place.

Price above the two EMAs crossover and it is forming higher highs and higher lows, characteristics of an up trending market. As the bull's momentum increased new higher highs may be attained.

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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