BCH looking clear for upward movement!!
Greetings Everyone!
BCH is looking pretty good after breaking through the initial downward wedge from yesterday!
Just a couple key things to go over on this 2 hour chart. If you notice the RSI at the bottom, you'll find a slight divergence in comparing that, and the actual price up top. The price up top was on a downward trend, but the RSI was actually increasing, just slightly, but still, showing a bit of a divergence towards the positive. This indicates that the downward momentum is loosing steam and is a pretty good indicator of a change from bearish to bullish, at least in this 2 hour chart! Clears the way for some upward movement!
Also note the pretty strong upward support ( shown in the thicker green line).
We could be looking at resistance around the 1200 mark, but time will tell if we can break though that and head towards 2K!
Happy trading!!
(of course, make your own decisions when trading. best wishes!)
BCH is looking pretty good after breaking through the initial downward wedge from yesterday!
Just a couple key things to go over on this 2 hour chart. If you notice the RSI at the bottom, you'll find a slight divergence in comparing that, and the actual price up top. The price up top was on a downward trend, but the RSI was actually increasing, just slightly, but still, showing a bit of a divergence towards the positive. This indicates that the downward momentum is loosing steam and is a pretty good indicator of a change from bearish to bullish, at least in this 2 hour chart! Clears the way for some upward movement!
Also note the pretty strong upward support ( shown in the thicker green line).
We could be looking at resistance around the 1200 mark, but time will tell if we can break though that and head towards 2K!
Happy trading!!
(of course, make your own decisions when trading. best wishes!)
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