In this idea I want to talk about BCH charts.
Let’s start with the weekly timeframe:
As you can see on the weekly chart, BCH price bounced off the weekly support around $ 380 and broke the weekly 21. But as you can see the course can retest 21ema as new support, but to find a new pattern we need to look at the lower timeframe. We usually use the weekly timeframe to find important levels, but sometimes you can find larger patterns on the weekly chart.
Here it is:
on the daily timeframe, after testing the weekly resistance, price started retracement and if you pull the fib retracement you can clearly see that price has found support at 0.382; but it’s very obviousin the table which is very similar to that .
you can also count that asmove like this:
but we need to check the lower timeframe to find the entry zoon; Here is the 4H diagram:
here is my personal take on how BCH is trying to break the channel; It is very possible to use the 4h structure and also the 21st to test againthen you can open a long position. and the target could be around the weekly resistance and also the 0.5 fib expansion level.
I hope you enjoyed this analysis.
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