BCHUSD pattern perspective and trading setup
Here is BCHUSD 1D.
You could see the BCH price resistance from 50 EMA (orange line) since June.
Couldn't break over the 50 EMA nor turned into support line.
It was a recent major resistance line as well.
$ 531 would be the major resistance level.
By looking at BCH in a bigger frame. It is forming a Falling Wedge pattern.
Currently, BCH is close to the support line, and it is an excellent time to buy it separately to the support line. Shooting for making a profit to the major resistance level.
There is hidden bullish divergence, which could continue the current trend.
Could take position now to hold until major resistance level and after testing or breaking the major resistance level, could shooting for the falling wedge resistance line.
You could see the BCH price resistance from 50 EMA (orange line) since June.
Couldn't break over the 50 EMA nor turned into support line.
It was a recent major resistance line as well.
$ 531 would be the major resistance level.
By looking at BCH in a bigger frame. It is forming a Falling Wedge pattern.
Currently, BCH is close to the support line, and it is an excellent time to buy it separately to the support line. Shooting for making a profit to the major resistance level.
There is hidden bullish divergence, which could continue the current trend.
Could take position now to hold until major resistance level and after testing or breaking the major resistance level, could shooting for the falling wedge resistance line.
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