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

BCH is in consolidation in its medium-term outlook. The railroad formation at $516.20 in the supply area dropped the cryptocurrency to $505.80 in the demand area on 7th October. Rejection to further downward movement occurred after spinning top formation which was good reversal signal.

The bullish engulfing candle at $509.40 confirmed the bulls take over as BCH made a high of $530.00 in the supply area before the end of yesterday trading session.

Price is above the two EMAs and the stochastic oscillator is at 67% with it signal pointing up. These imply strong bullish pressure may occur within the range and BCH may witness upward price movement.

BCH is in consolidation and trading between $540.00 in the upper supply area and at $500.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area is imminent hence traders should be patient before taking a position.

The cryptocurrency is in a bullish trend in its short-term outlook. The bullish pressure from the double bottom formation pushed price up $518.90 in the supply area and created a flag.

The retracement was terminated at $514.00 when the bulls returned and pushed price up to the level two at $530.00 in the supply area before the current retracement.

The bulls return is imminent to get BCH to level three as the cryptocurrency journey north. $550.00 in the supply area may be the bulls' target in the short-term.

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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