BCH/USD Medium-term Trend: Bearish
Supply zones: $800, $900, $1000 Demand zones: $300, $200, $100
BCH continues in a bearish trend in its medium-term outlook. After dropping the cryptocurrency to $580.00 in the demand area with a bearish engulfing candle, the bears briefly lost momentum as the bulls return.
$607.00 in the supply area was the high they could attain as the candle closes as an inverted pinbar an indication of the bears' return. $574.30 in the demand area was the low BCHUSD attained before the end of yesterday session.
Today's 4-hour opening candle at $579.30 closes as a bullish spinning top a pointer to possible minor reversal after making a low of $570.30 earlier today.
Price is below the 10-EMA and the stochastic oscillator is in the oversold region and 15% and its signal points down which suggest further downward price movement in the medium-term although we may see a minor bullish pull back this is for the market correction before downtrend continuation.
The bears' target is the 50.0 or 61.8 fib level before a possible loss in momentum and the bulls may return at that level in the medium-term.
BCH/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. Rejection of the bullish pressure occurred at the 50-EMA with the formation of a bearish railroad. BCHUSD was down to $574.30 in the demand area after a break of the broken area before the end of the session.
Price is creating a lower high and lower low that area characteristics of a down trending market.
This scenario may continue as the bears' pressure becomes much strong in the short-term.
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