Since the last few weeks have seen really fluctuating prices, its time to look back at what the market is upto.
The Medium-term Trend in BCH/USD
As far as the BCH/USD outlook is concerned, in the medium-term, it is still in a range-bound market. However, the symbols for downtrend continuation can also be seen as the bearish flag formations are within the range. Moreover, each flag formation is followed by a drop in price.
Speaking about yesterday’s session, the bearish trend defeated the Bullish price of $310.90 before the market was closed.
Today however was the somehow different scenario as the 4-hour opening candle was a bearish one and BCH/USD saw a drop to directly $290.00 in the demand area below the two EMA.
Keeping all the facts and figure in mind, the wise advice for the traders is to be patient as there might be a breakout at the upper range or at the lower range. As the upper supply is $321.00 while $260.00 is the lower demand area of the range.
The Short-term Trend in BCH/USD:
The short-term Trend, however, seems to be completely dominated by the bearish move since the bearish railroad of 16th April. It was figured out that the lowest in the demand area yesterday was $303.96.
However, as far as April 19th scenario is concerned the momentum was increased soon as the market was opened. Though it included a bearish spinning top at $308.96. BCH/USD witnessed a drop to $290.00 in the demand area, thus breaking the lower range.