BCHUSD - 4H - Update
Updated
BCH cut through support zones pretty easily on the way down breaking the strong $480 zone but bounced off $410. Compared to other altcoins we've seen in other charts, BCH did not bounce as strongly with volume from support so one must watch a retest of that support level and it must hold with volume for us to be certain that we could be seeing a short-term bottom.
As I am writing, we can observe that BCH is currently forming a tweezer top, which would be a very bearish sign and a retest or break of the lows could be on the cards (granted there is still 2 hours until the candle closes).
The RSI and MACD have seen some movement higher on this move but nothing enthusiastic so far, showing that there still is some weakness and buyers aren't fully convinced of this move. If BTC does turn around here and head lower, we can see BCH breakdown from the level it bounced off and head for $300.
A significant break and close above $490 could see a move to $535.
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As I am writing, we can observe that BCH is currently forming a tweezer top, which would be a very bearish sign and a retest or break of the lows could be on the cards (granted there is still 2 hours until the candle closes).
The RSI and MACD have seen some movement higher on this move but nothing enthusiastic so far, showing that there still is some weakness and buyers aren't fully convinced of this move. If BTC does turn around here and head lower, we can see BCH breakdown from the level it bounced off and head for $300.
A significant break and close above $490 could see a move to $535.
Please hit the 'like' button and give us a follow!
Comment below, let us know what you think and where you see the market going!
Thank You
Note
BCH hit the supply zone above perfectly and formed a tweezer top on the 4H, which is a bearish formation and continues to pullback. We are currently resting on support but we could see a move lower into the $420 area where we expect to see some defense played by the bulls.
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