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

BCH is back in a bullish trend in its medium-term outlook. $554.70 in the supply area was the point the bulls pushed BCH before the close of yesterday trading session.

The 4-hour opening candle at $514.80 pushed price back up to $543.00 after a minor drawdown to $505.50 in the demand area yesterday.

Price is above the two EMAs crossover with the stochastic oscillator at 68%. Its signal points up. These suggest bullish momentum and upward price movement in the medium-term.

With the Fibonacci tool, uptrend continuation occurred at 38.2 fib level and later back to the 23.6 fib level. It suggests that pullback to the 38.2 may occur before the strong bullish pressure that will sustain the uptrend.

The cryptocurrency is in a bullish trend in its short-term outlook. The strong bullish pressure broke the $459.80 in the upper supply area with a large bullish engulfing candle.

BCH was further up to 533.90 in the supply area. It closes the day at $554.70 although pullback to $505.60 in the demand area occurred.

Price is around the 10-EMA while the stochastic oscillator is at and its signal points down. It implies a downward price movement due to bearish pullback. This is necessary for the market correction.

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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