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BCH/USD Medium-term Trend: Ranging
Supply zones: $600, $700, $800
Demand zones: $300, $200, $100
BCH continues in consolidation in its medium-term outlook. The bearish pressure continued to be dominant within the range as BCHUSD was down to $439.4 in the demand area before the end of yesterday session. Exhaustion to the bearish momentum was seen as the candle closes as a bullish doji.
The 4-hour opening candle at $446.3 was a bearish inverted hammer but BCHUSD made move up to $449.0 in the supply area as the market open.
Price is below the two EMAs and the stochastic oscillator is in the oversold region at 14% and it signal points up which implies upward price movement due to bullish pressure may likely be witnes in the range.
BCHUSD is in consolidation and trading between $486.0 in the upper supply area and at $433.8 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area may occur hence patience is required before taking a position coupled with good reversal candles as confirmation before entry.
BCH/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The strong bearish pressure broke the lower demand area at $452.4 and dropped the cryptocurrency to a unique low at $439.40. This resulted in a triple bottom formation with price at the same area on 12th and 15th October.
The bullish 1-hour opening candle at $443.1 pushed price up to $449.10 in the supply area earlier today.
The stochastic oscillator is at 34% and it signal point up which implies upward price movement 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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