- The short and medium-term outlook is in a bullish trend.
- Responsible buying may be considered.
BCH/USD Medium-term Trend: Bullish
Supply zones: $500, $600, $700
Demand zones: $100, $50, $30
BCHUSD outlook in the medium-term is in a bullish trend. The week began on a bullish note with the break of the resistance at the two EMAs on 7th July. The cryptocurrency rose from $398.00 in the demand area to $415.27 in the supply area before the end of the day.
The bullish momentum was sustained with $420.40 as the new high of the day at after the opening price at $412.37 during yesterday session.
Today’s session sustained opened with the bulls still in control of the market. Price was up at $429.98 in the supply are after the opening price at $417.97.
The signal of the stochastic oscillator points up 84% in the overbought region and price is above the EMAs crossover which suggests an upward continuation in price in the cryptocurrency medium-term.
The supply area at $450.00 is a key point as the bulls target a retest as its journey north.
BCH/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The bulls sustained its momentum during yesterday session as the market opens at $409.80.With the formation of a bullish flag, price rose to $419.40 in the supply area before the end of the day.
The bulls sustained the momentum after today’s opening at $418.88 as the coin jumped to $428.98 in the supply area.
The second bullish flag is been formed as the bears pushed price down to $419.27. A breakout from the flag is expected as price is above the 50-EMA.
Price is below the two EMAs and the signal of the stochastic oscillator points at 36% an indication of downward momentum.
$430.00 in the supply area is up for retest as more candles opened and closed above the EMAs.
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