BCH/USD Medium-term Trend: Ranging

Supply zones: $900, $950, $1000
Demand zones: $600, $550, $500

Bitcoin Cash is in consolidation in the medium term outlook. $811.13 in the supply are was the new high the coin made due to the bullish pressure that took price from $717.63 in the demand area.

Further price upward movement was rejected as this supply area with the formation of an inverted hammer and with a doji. Price was down to $781.66 in the demand area.

The stochastic oscillator is in the overbought region at 84 percent with its signal pointing down. This means that we may see downward movement in the price of the crypto in the medium-term.

The cryptocurrency is trading within $816.35 in the supply area of the upper price range and $773.44 in the demand area of the lower price range. Traders should be patient at this period for either a breakout at the upper price range for a long position or a breakdown at the lower price range for a short position.

The cryptoasset is ranging in the short-term outlook. The bullish pressure from $717.36 in the demand area pushed price up $810.51 in the supply area and gradually becomes weak.
The bears returned and pushed price down to $781.66 in the demand area. Below the 10-day EMA.

The cryptocurrency is consolidating and trading within $804.98 in the supply area of the upper price range and $773.62 in the demand area of the lower price range. A breakout or breakdown is coming so traders should be patient for this to occur before ridding the trend.

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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