Supply zones: $80, $90, $100
Demand zones: $30, $20, $10

BCHSV is in a range-bound market in its medium-term outlook. After the strong bearish pressure dropped the cryptocurrency to the low of the day at $35.92 in the demand area the momentum gradually reduces with the formation of a hammer which signalled the bulls gradual return.

With price up at $46.89 in the supply area before the end of yesterday session due to the bulls increased momentum the cryptocurrency enters consolidation.

Price is below the two EMAs but the stochastic oscillator at 30% with it signals pointing up suggest an upward momentum in price within the range in the medium term.

BCHSVUSD is in consolidation and trading between $60.00 in the upper supply area and at $35.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area is imminent hence patience is required to allow this to happen before a position is taken.

The cryptocurrency is in consolidation in its short-term outlook. The struggle for control came as the strong bearish pressure was lost after the coin dropped to $35.00 in the demand area yesterday.

The bullish 1-hour opening candle at $40.21 pushed BCHSVUSD to $43.97 above the 10-EMA earlier this morning.

Price is above the 10-EMA and the stochastic oscillator is at 57% with its signal pointing up which implies upward price movement within the range in the short-term.

The cryptocurrency is ranging and trading between $49.60 in the upper supply area and at $36.20 in the lower demand area of the range. Traders should be patient for a breakout at the upper supply area to go long after retest or breakdown at the lower demand area for a short after retest 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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