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

BCH continues in a bullish trend in its medium-term outlook. The strong bullish pressure from the 23.6 fib area pushed the cryptocurrency initially up to $577.00 in the supply area. With momentum increased, BCH made a high of $590.00 during yesterday session.

Price is above the two EMAs crossover with the stochastic oscillator in the overbought region at 86%. Its signal points up. These suggest bullish momentum and upward price movement in the medium-term.

The 4-hour opening candle at $566.60 was bearish and price was down to $556.60 in the demand area earlier today. Each pullback by the bears resulted in flag formation and subsequent strong bullish comeback. $650.00 in the supply area may be the bulls target as the momentum to the upside increased.

The cryptocurrency is in a bullish trend in its short-term outlook. $590.00 in the supply area was the point the bulls drove the cryptocurrency before exhaustion sets in and the bears took control.

The bears' pressure though minor dropped the coin at $552.00 in the demand are before the end of yesterday trading session.

Price is conspicuously above the 50 but below the 10 EMA while the stochastic oscillator is at35% and its signal points down.

It implies we may witness a minor downward price movement due to bearish pressure. This pullback is necessary for the market correction as the overall outlook remains.

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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