In this Bitcoin Cash price outlook, the bears are currently in charge of the short and medium-term outlook. Hence, traders may consider selling in key areas.
In the medium-term outlook, Bitcoin Cash (BCH) is in a bearish trend as the bullish trend was terminated at $283 in the supply area. While a large engulfing candle is at $281, the lower demand area of the range was broken by the bears and the price dropped to $256 before the end of the trading session on April 25.
However, the broken demand area was again tested and was attained with the 4-hour opening spinning top at $263. This was necessary to confirm a downtrend continuation as the bears are fully in charge.
In the meantime, the two Exponential Moving Averages (EMAs) area separated to indicate strength in the ongoing downward trend while the stochastic oscillator signal is pointing down at 16% in the oversold region, which also suggests a bearish trend in the price of BCH.
In the short-term outlook, BCHUSD price is in a downtrend as the price, for the third time, retested the key support area at $283.00 which invited the bears. The price of BCHUSD fell initially to $275.60 and later rose to $256.31 in the demand area as the trading session ended.
BCHUSD price was up briefly in the supply area of $271.20. This pullback was necessary for the market correction and to also confirm the ongoing bearish trend as the price is dropped to $258.
At the moment, the price of BCHUSD is below the two EMAs and the stochastic oscillator signal is pointing down at 17% in the oversold region, an indication of the current downward trend in price with bearish trend increased.
Supply zones: $400, $500, $600
Demand zones: $100, $50, $30
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