BCH 1D: Play the ranges
BCH requires constant attention to trade IMO because it can pivot very quickly from bullish to bearish and visa versa but I am finding a lot of value for my time in it. On the daily we currently have a golden cross on the 29th and we are testing what seems to be a midpoint for our price action over the last 5 weeks roughly. We have a downward sloping resistance that has been tested 3 times with sharp rejections. RSI at 58 and a MacD threatening a bull cross. I see us potentially testing back up to our sloping resistance and then rejecting back down to 261 or 254 as we have the 50MA coming up to meet that price support. Assuming this is the action we see a short at 300 looks quite appealing because we have psychological resistance, the downward sloping resistance, historical price resistance, and larger ranges to drop through then if we wait for a pullback and a bullish trade. This being said, a break of 300 could be a major trigger for buyers and we know that this one can RUN or DUMP so personally I would rather play it from the bullish side to limit that upside risk as I am expecting this in the 4 to 600 range on our next breakout. Call me crazy if you want but this is what I see in the charts. It feels a bit crazy honestly.
But wait, we need to keep an eye on the channel that our 200MA swooped in and started making. See the red descending bottom support. Bears are smelling this.
We also have a support line from the initial start of this mid term bull trend. We have the same thing happening with LTC and I would assume we would see it on others as well.
A lot to be aware of here.
I encourage you to zoom out on my chart to see the upside here. The white line up would be a confirmation of our last bull flag.
But wait, we need to keep an eye on the channel that our 200MA swooped in and started making. See the red descending bottom support. Bears are smelling this.
We also have a support line from the initial start of this mid term bull trend. We have the same thing happening with LTC and I would assume we would see it on others as well.
A lot to be aware of here.
I encourage you to zoom out on my chart to see the upside here. The white line up would be a confirmation of our last bull flag.
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