BCH/USD Medium-term Trend: Bullish
BCH/USD continues to be in a bullish trend in medium-term. After pushing the cryptocurrency up to $169.64, it lost power as you can see in the candle down to $164.19.
Each drawdown seen as
$180.00 in the supply area is the bulls initial target in the medium-term as more candle spend and closed above the two EMA.
BCH/USD Short-term Trend: Ranging
The cryptocurrency seems to be in a range-bound market in its short-term outlook. The bullish momentum was lost at $169.68 in the supply area right after today’s opening session.
The tweezer top formed at the supply area signaled the bears returned with confirmation at the break of the two EMA. BCH/USD initially dropped to $168.56 in the demand area as the bearish journey continues within the range.
Price is below the two EMA and the stochastic oscillator signal points down at 34%. It suggests a downward momentum in price within the range in the short-term.
$170.00 is the resistance area while $164.00 is the support area of the range. A breakout of support and resistance area is imminent, patience is key at this period