In this Bitcoin cash price outlook, BCHUSD is in consolidation both in the short and medium-term outlook. Traders need patience for a price breakout or a breakdown.
Bitcoin Cash Price Medium-Term Outlook
On May 24, the price of Bitcoin cash (BCH) continues a range-bound move in the medium-term outlook. The pressure by the bears at $408.03 was decreased at $368.03 in the demand area during yesterday trading session.
Exhaustion sets in which was suggested by the formation of a bullish spinning signaling the bulls’ presence. The price of BCH rose to $408.63 in the supply area within the range. The bulls may continue to push the price toward the upper price range as confirmed by the signal of the stochastic oscillator pointing up at 58% an indication of an upward trend.
In the meantime, Bitcoin cash is in consolidation and trading between $441.00 in the upper supply area and at $359.00 in the lower demand area of the range. Patience is now needed for a breakout at the upper supply area or breakdown at the lower area before traders take a position.
BCHUSD Price Short-term Outlook
Looking at the chart, BCHUSD price remains in consolidation in its short-term outlook. The lower demand area at $393.00 was broken as the market opens on May 23 as the bears continue to take charge of the market. The price of BCHUSD declined further to $368.08 in the demand area.
The crypto’s price was up at $408.63 in the range as the bulls gained control and journey up north before the end of yesterday trading session. $434.00 is the upper supply area while $393.00 is the lower demand area of the range. Patience is required for a breakout or a breakdown with a retest before taking a position in the market.
Supply zones: $500, $600, $700
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.