Hi all,
Bitcoin Cash (BCH) is trading in the $265 - $220 range since mid-April. Still, there is an ascending triangle formation since the March 12 drop with $265 its horizontal resistance.
The uptrend line (diagonal support) was broken yesterday, but the horizontal support near $225-$228 was not tested as price rebounded and is now trying to go back above the trendline.
Bull case: Move back into the uptrend and print a new high above $265 (probably around $278) after breaking out of the triangle pattern. I say $278 as this is where the next Fibonacci retracement level is situated.
On the 4-h chart, we can define a downtrend corridor formed since the beginning of May and more recently the mentioned range between $265 and $220, which represents a 16 percent of price change for a downside reversal to the support levels.
Short-term trade. Buy at support down between $227- $222 then sell at $250.
The 24-hour volumes went up from $2.4 billion on Sunday to $3.4 billion on Thursday then fell back to $2.8 during the yesterday drop.
Again, this is not financial advice, just an idea...
Cheers,
Bitcoin Cash (BCH) is trading in the $265 - $220 range since mid-April. Still, there is an ascending triangle formation since the March 12 drop with $265 its horizontal resistance.
The uptrend line (diagonal support) was broken yesterday, but the horizontal support near $225-$228 was not tested as price rebounded and is now trying to go back above the trendline.
Bull case: Move back into the uptrend and print a new high above $265 (probably around $278) after breaking out of the triangle pattern. I say $278 as this is where the next Fibonacci retracement level is situated.
On the 4-h chart, we can define a downtrend corridor formed since the beginning of May and more recently the mentioned range between $265 and $220, which represents a 16 percent of price change for a downside reversal to the support levels.
Short-term trade. Buy at support down between $227- $222 then sell at $250.
The 24-hour volumes went up from $2.4 billion on Sunday to $3.4 billion on Thursday then fell back to $2.8 during the yesterday drop.
Again, this is not financial advice, just an idea...
Cheers,
