BCH/USD Medium-term Trend: Bullish
Supply zones: $600, $700, $800 Demand zones: $300, $200, $100
BCH is in a bullish trend in its medium-term outlook. The strong bearish pressure dropped the cryptocurrency to $427.8 in the predicted demand area of yesterday analysis before the end of yesterday session.
The bearish exhaustion denoted by wicks coupled with the bullish railroad suggests the bulls are gradually coming back. The 4-hour opening candle at $433.50 is bullish thus sustain the bullish momentum. The next candle after was also bullish. Thus a confirmation to the bulls come back in the medium-term.
The stochastic oscillator is in the oversold region at 19% and its signal points up which implies upward movement in price of the cryptocurrency in the medium-term. Traders could take advantage of the current bullish momentum which is a pullback against yesterday drop.
A 50 -78% retracement may be expected before the bears returned to continue the downtrend.
BCH/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The bears closed yesterday with a lower at $428.30 in the demand area.
Rejection of the further downward movement was seen as the 1-hour opening candle closed as a doji. This is an indication to a trend reversal. The bulls gradually returned. Price was pushed up to $458.40 in the supply area earlier today.
Price is above the 10-EMA and indication to the bullish pressure. The stochastic oscillator is at 78% and its signal points up, which means more momentum to the upside may be witness in the short-term.
The structure is a W and this suggest that the bullish pressure will drive price up north to complete the right leg.
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