BCH/USD - Ranging before breakout - $850 next❔
BCH has been consolidating in this range for some time now and I expect us to get a reaction in price once we reach the triangle apex in blue.
The indicators on 4h give some signs BCH wants to pump higher, but this is still timid and we need to see how this descending triangle resolves to have confirmation.
On daily the indicators do not look as good since we are overextended with MACD and RSI curving down - this is not too bad yet as we did not cross on the negative side on MACD, so there is still a good chance we can pump higher.
I am cautiously bullish for now, but we have to wait, there is no clear entry on BCH at this time. I'd consider a long if we break above this triangle.
Targets and levels on the chart.
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The indicators on 4h give some signs BCH wants to pump higher, but this is still timid and we need to see how this descending triangle resolves to have confirmation.
On daily the indicators do not look as good since we are overextended with MACD and RSI curving down - this is not too bad yet as we did not cross on the negative side on MACD, so there is still a good chance we can pump higher.
I am cautiously bullish for now, but we have to wait, there is no clear entry on BCH at this time. I'd consider a long if we break above this triangle.
Targets and levels on the chart.
Like and follow if you liked this idea. Also join my crypto community to stay in touch!
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