In this Bitcoin cash price outlook, BCHUSD is in the bullish trend zone. Traders may consider responsible buying opportunities at pullback areas.
BCHUSD Medium-term Price Outlook
Bitcoin Cash (BCH) price is in the bullish trend zone on the medium-term outlook. On April 29, the bears lost momentum toward the end of the session after the price rose to $227.40 in the demand area. Currently, the wick on the candle suggests exhaustion as the bulls gradually make a comeback. The price of BCH climbed to $266 before the end of yesterday’s trading session with the break of the 50-EMA (Exponential Moving Average).
On May 1, the bullish trend was sustained as the market opened with the price pushing further to $273 in the supply area. The price of BCH is above the two EMAs with the stochastic oscillator signal pointing up at 82% in the overbought region. This indicates a bullish momentum in the price of the Bitcoin Cash in the medium-term.
BCHUSD Short-term Price Outlook
In the short-term outlook, BCHUSD continues in a bearish trend. Yesterday, the market opened with the bullish formation at $228.50 in the demand which signaled that the bulls have returned. The pair rose progressively to $263 in the supply area before the end of the trading session, creating higher highs and lows.
On May 1, a new high was attained as the market opened at $277.32 in the supply area because of the bullish pressure. The price is now above the two EMAs which are separated and this is an indication of strength in the uptrend. In the short-term, we can expect new higher highs and higher lows to be formed as the journey up north continues.
- Supply zones: $300, $400, $500
- Demand zones: $100, $50, $30
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.