Daily (BCH) Value Forecast – July 9

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  • 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.

 

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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