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

BCH remains in consolidation in its medium-term outlook. The bullish pressure within the range remains strong with BCH making a high of $536.10 in the supply area before the end of yesterday session as the momentum up north increases.

A minor pullback to $526.00 in the demand area occurred earlier today. This was due to the bearish marubozo 4-hour opening candle. The next candle developing is bullish which may nullify the bears' pressure.

Price remains above the two EMAs which is a reflection of the bulls continued control of the market. The stochastic oscillator is in the overbought region at 79% with it signal not define as the cryptocurrency continues in the range.

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 continues in the bullish trend in its short-term outlook. The flag formed indeed returned the bulls as predicted in yesterday analysis. $536.10 in the supply area was the high the bullish pressure could take the cryptocurrency before the end of yesterday trading session.

Current retracement by bears which is further confirmed by the stochastic oscillator in oversold sold region is necessary for the market correction before the bulls strong comeback for uptrend continuation.

Price is forming higher highs and higher lows that are characteristics of up trending market. New highs and new lows may be formed as more candles formed and closed above the EMAs in the short-term. $540 in the supply area is still on the card.

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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