BCHUSD short term gains are limmited by psycological resistance.
Updated
BCHUSD will likely see more gains within the next week only to be meet at the psychological resistance of around $2000. Daily chart contains an upside-down hammerhead candle which is indicative of a pullback. In a pull back scenario a price of $1300 is possible although buyers will likely pick up any sorts of discount before then. Momentum and strength appear to have run their course so any long position will be wiggled out at a sideways consolidation. For a long term position wait until price action meets resistance above to see what direction is possible. A 30% intraday with a tight stop long position would be viable.
Note
looking to see if price action breaks the trend channel its been climbing on to the past month. If BTC keeps climbing then it will be likely that BCH will head down. As capital starts flowing out from BTC from profit taking and risk aversion then expect to see this coin head up in a breakout.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.