BCHUSD Update Near Term and Break Points Near Term BCH ran out of upside momentum, double topping at 1461 though this level was actually briefly exceeded, snapping at any bear stops just above it before fading, and showing first quite big red bull engulfing candle off the high of the day...mild rejection, not hot but not cold either, except in very near term - what looks like a continuation pattern is now being hammered out and will likely have further to run yet...3 strikes on the lower parallel shows it's not 'hot' and has to unwind some more, likely recoiling from 1413 - when tested (and almost certainly from the two lines of dynamic resistance waiting just above price to clip any nascent rally in the bud at 1425 now) ...looks like it's a sell one more time from 1413-1426 range and a reverse long at 1351 ideally, or off the lower smallest parallel that this little continuation pattern is running in now. Break Points An eventual break above the upper smallest parallel that holds back price today should be followed (usual drill on breakouts) for a rally to 1620-1638 minimum and 1766 maximum in near term On downside: A break below 1347 would tip BCH from neutral to negative in the near term triggering a short back to 1286 and if this was to fail to 1245.
Comment
Nice rally from where it should've - but be careful here now as per comment
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