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

BCH is in consolidation in its medium-term outlook. The bulls upward price movement was nullified at $479.00 in the supply area due to exhaustion as the candle closes with a wick. The bear successfully dropped the cryptocurrency to $462.00 before the session ended yesterday.

The bulls’ takeover was signaled by the pinbar at the demand area. $472 in the supply was the high before the bears gradually stage a comeback within the range.

Price is hovering around the 10 EMA and the stochastic oscillator at 35% and it is in a parallel line with its signal a reflection of the ranging scenario.

BCHUSD is in consolidation and trading between $486.0 in the upper supply area and at $433.8 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 enters the range in its short-term outlook. The bear pressure from the formation of the inverted hammer at $478.30 in the supply area pushed price to $462.0.

The bear pressure continued earlier today as the cryptocurrency was down to $466.20 in the demand area despite the bullish 1-hour opening at $467.7 that saw BCHUSD up $472.3 in the supply area.

The cryptocurrency is ranging and trading between $481.1 in the upper supply area and at $452.4 in the lower demand area of the range. Patience must be exercised at this period 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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