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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 bears continue dominating the market with the cryptocurrency initially down to $449.1 in the demand area before the bulls stage a brief pullback. $459.20 in the supply area was attained before the end of yesterday session. The 4-hour opening candle at $456.4 was bearish as BCHUSD was down to $449.3 in the demand area.
Price is below the two EMAs with the stochastic oscillator is in the oversold area at 12% and its signal points down. The implication is a downward movement in price due to the bear pressure within the range in the medium-term.
BCHUSD is in consolidation and trading between $476.00 in the upper supply area and at $430.00 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: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The bearish pressure broke the $452.4 in the lower demand range of yesterday analysis with a large bearish engulfing candle. As BCHUSD was down $449.4 to in the demand area.
A retest of the broken area was made earlier this morning when price was up at $452.7 to confirm the journey down as the bears stage a comeback.
Price below the two EMAs and the stochastic oscillator is in the oversold region at 16% and its signal points down which implies further downward price movement due to the bears' pressure.
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