BCH: Rising Wedge Breakout
Bitcoin Cash (BCH) technical analysis:
Trade setup: Bearish breakout from a Rising Wedge pattern, could lead to a pullback to $200 support area (and 200-day moving average) in the near-term, which could be an attractive swing trade entry, with upside potential back to $250.
Patterns: Rising Wedge It usually forms after an uptrend and suggests a potential bearish reversal in the original uptrend. When price breaks the lower trend line the price is expected to trend lower.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $200 (previous resistance), then $140 – $150. The nearest Resistance Zone is $250, then $330.
Trade setup: Bearish breakout from a Rising Wedge pattern, could lead to a pullback to $200 support area (and 200-day moving average) in the near-term, which could be an attractive swing trade entry, with upside potential back to $250.
Patterns: Rising Wedge It usually forms after an uptrend and suggests a potential bearish reversal in the original uptrend. When price breaks the lower trend line the price is expected to trend lower.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $200 (previous resistance), then $140 – $150. The nearest Resistance Zone is $250, then $330.
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