In this Bitcoin Cash price outlook, BCHUSD is in the uptrend in the short-term outlook while the medium-term is consolidating.
Bitcoin Cash Medium-Term Price Outlook
Bitcoin Cash (BCH) is in a range-bound movement on the medium-term outlook. On May 1, BCH cryptocurrency entered into consolidation after a bullish move to $227 in the supply area.
The price of Bitcoin Cash made a low at $261 and a high at $276 twice on 1st and 2nd of May respectively. On May 3, BCH bulls seem to be in charge of the market today as it opens the price opened at $264 and briefly climbed to $277 in the supply area above the Exponential Moving Averages (EMAs) crossover, which indicates an upward trend in the price of BCH.
In the meantime, BCH is in consolidation and is trading between $280.00 in the upper supply area and $250.00 in the lower demand area of the range. At this point, traders should exercise patience before taking a position as a price breakout at the upper supply area or breakdown at the lower area may occur.
BCHUSD Short-term Price Outlook
In the short-term outlook, BCHUSD price continues in a bullish trend zone. On May 2, the bears were able to pull the price down to $261 in the demand area before the end of the trading session. This was within the 38.2 fib area a trend continuation zone. However, the bullish comeback saw the price climb back up to $270 in the supply area shortly after the opening of today’s trading session.
The price of BCH is now above the two EMAs and the stochastic oscillator signal points up, thus indicating an upward momentum in price as the bulls keep up pressure on price in the short-term. A retest and possible price breakout is imminent at the $277 in the supply area.
- 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.