BCH on the 4-hour chart was looking overbought yesterday, We then consolidated back down and was trading at around 49 on the RSI. Resistance was retested on the uptrend and we can now see that there is a channel we are now trading into and struggling to breach. Not only is the hi-low MA coming over we have been bouncing off the 270 area which is potentially a good buy in the zone, Furthermore using the daily chart as our anchor also supports the view that we should buy BCH as it shows how we were trading within the ascending wedge got pushed above it and clearly shows our new channel and the wedge can now be seen as a support. I have used two different color arrows to show both ways I think BCH may get into profit.
Red Arrows: Bouncing off the lower resistance into profit as it has before.
Blue Arrows: Continuing consolidation within the current channel and bouncing our previous wedge/support zone.
Let's Hodl!!!!
Red Arrows: Bouncing off the lower resistance into profit as it has before.
Blue Arrows: Continuing consolidation within the current channel and bouncing our previous wedge/support zone.
Let's Hodl!!!!
Comment:
Just as predicted!!!
Trade closed: target reached:
Perfect trade