- Downtrend Confirmation: The price recently broke below the mid-Bollinger Band (20-day SMA), signaling bearish momentum.
- Lower Bollinger Band Touch: The price recently reached the lower band, suggesting oversold conditions or a continuation of the downtrend.
- Volume Spike in Down Move: Increased volume during the price drop indicates strong selling pressure.
- Support Around $300: The price has recently bounced from near $300, a psychological and historical support level.
- Resistance Near $380-$400: The mid-Bollinger Band and previous price rejections suggest resistance in this range.
- Bullish Reversal: If BCH can reclaim the mid-Bollinger Band ($380 area) and hold, it may trigger a move toward the upper band ($480+).
- Further Downside: A failure to hold $300 may open the door for further declines toward $280 or lower.
- Consolidation Phase: If BCH stabilizes between $300-$380, sideways movement may occur before a new breakout.
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➀➁➂➃➄
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.