In this Bitcoin Cash price outlook, BCHUSD is in the bullish trend zone in short-term while the medium-term outlook is in a range bound movement.
Bitcoin Medium-Term Price Outlook
Bitcoin Cash (BCH) price is in a range-bound movement in the medium-term outlook. On 8th May, the bullish momentum from the pin bar was formed and this pushed BCH price up to $290.01 in the supply area. The following day, 9th the coin enters consolidation.
However, the bears have returned according to the signals from the exhaustion at the supply area as well as the bearish railroad formation. The price of Bitcoin Cash declined to $274.61 in the demand area during yesterday’s trading session and lost the bullish momentum. Nevertheless, BCH closed on a bullish note yesterday with the price was up at $287.00.
With increased bullish momentum shortly after today’s opening at $283.06 and stochastic oscillator signal pointing up at 58%, BCH price was up at $283.06 in the supply area within the range.
Today, the price of BCH is in consolidation and trading between $300.00 in the upper supply area and at $270.00 in the lower demand area. A breakout at the upper supply area or breakdown at the lower area may occur hence, traders patience is required before taking a position.
BCHUSD Short-term Price Outlook
BCHUSD price is in a bullish trend zone in its short-term outlook. The impulse move to $280.00 in the supply area on May 9 was corrected by the bearish momentum before the end of yesterday’s trading session. The demand area of $276.21 ended the bearish’ pressure as the market open today.
Continuation to the north was confirmed by the large bullish candle at $283.00. The pair climbed to $294.74 before the pullback by the bears to 61.8 fibs as price declines to $283.29 in the demand area.
This fib area is a trend reversal area with a possible uptrend continuation at this area.
Price is within the two Exponential Moving Averages (EMAs) and the stochastic oscillator signal points up at 52%. These indicate an upward momentum in the short-term.
- 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.