In this Bitcoin Cash Price Outlook, the BCHUSD pair is in the bearish trend zone as the price targets $400 level. What can traders do at this time?
Bitcoin Cash Price Medium-Term Outlook
In the medium-term outlook, the price of Bitcoin cash (BCH) continues in a range-bound movement. On May 29, the breakout at the upper supply area pushed BCH up to $483 in the upper supply area. Nevertheless, insufficient bullish pressure led to failure in the retest at the broken supply area. As a result, the price of Bitcoin cash dropped initially to $435.00 in the demand area. Thereafter the price fell to $401.73 as the bears intensified their pressure before the end of yesterday trading session.
In the meantime, BCH price is below the two Exponential Moving Averages (EMAs) with the signal of the stochastic oscillator r pointing down at 22%, which indicates continued momentum in the price in the medium-term. Bitcoin cash is in consolidation while trading between $441.00 in the upper supply area and at $359.00 in the lower demand area. Traders need patience for a breakout at the upper supply area or breakdown at the lower area before taking a position.
BCHUSD Price Short-Term Outlook
BTCUSD price is in a bearish trend zone in its short-term outlook. The formation of wicks in the candles at the key supply area at $475 indicates the termination of the bullish trend. The bearish trend was confirmed with the break of the two EMAs before the end of yesterday trading session. $401 in the demand area was yesterday low as the downtrend continues in the short-term.
Shortly after today opening, the inverted hammer formed which suggest the resumption of the downward trend after the minor retracement by the bulls. The stochastic oscillator signal points down at 23% as BCH price is below the two EMAs, an indication that the bearish trend may continue to $400.00 as the initial target.
- Supply zones: $500, $600, $700
- Demand zones: $100, $50, $30
Disclaimer
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.