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

BCH is in a bullish trend in its medium-term outlook. An attempt by the bulls to stage a return was terminated at $423.50 in the supply area after the formation of a doji at $421.10. This led to a dropped in BCHUSD to $417.60 in the demand area.

The bullish engulfing candle formed before the end of yesterday session signalled another attempt by the bulls as BCHUSD was pushed up to $425.80 in the supply area.

The cryptocurrency is forming higher high and higher low that are characteristics of an up trending market. Price is around the 10-EMAs with the stochastic oscillator at 24% and its signal pointing upward. This suggests an upward movement in price due to the bullish pressure.

BCHUSD provides a unique structure of W. With the double bottom already created and the right leg forming. This implies strong bullish pressure to push price up to the supply area may be seen in the medium-term. $440.00 in the supply area may be the bulls’ initial target.

The cryptocurrency is in a bullish trend in its short-term outlook. The end of yesterday session saw the bulls staging a comeback as price rose to $425.80 in the supply area.

Rejection to further upward movement occurred at the 50-EMA as the candle closes with a wick. The 1-hour opening candle at $422.10 was bullish which suggests the bulls are gradually gaining momentum.

Price is above the 10 EMA but below the 50-EMA and the stochastic oscillator is at 65% that is buyers zone it thus suggests that we may see increased bullish momentum and price of the cryptocurrency may get to $435.00 in the supply area 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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