BCCOIN/USDT ANALIYSIS AND LONG TRADE SETUP. The BlackCardCoin (BCC) chart against Tether (USDT) on the 4-hour timeframe indicates a potential short scenario. Here is the analysis based on the chart:
The price is currently in a descending channel, characterized by lower highs and lower lows, indicating a bearish trend. The price has been moving steadily downwards within this channel.
Fibonacci retracement levels are plotted from the recent high around $3.559 to the current levels, with important levels such as 0.236 (around $2.855), 0.382 (around $2.420), 0.5 (around $2.068), 0.618 (around $1.716), and 0.786 (around $1.215).
The price is trading near the 0.786 retracement level, suggesting a significant pullback from the highs.
Support and Resistance Levels:
Immediate support is near $1.003 to $0.901, highlighted by the red zone, which suggests this could be a crucial area for bulls to defend. If the price breaks below this zone, further downside could be expected.
A breakout above the descending trendline and subsequent Fibonacci levels could shift the bias towards a more bullish outlook. Key resistance levels would be at each Fibonacci level on the way up.
Projected Movement:
The chart shows a shaded green area above, indicating a potential long target if the price breaks out of the descending channel and recovers above key Fibonacci levels.
However, the immediate focus remains on whether the price can hold the support zone. A failure to hold could continue the bearish momentum, while a successful defense may result in a bounce.
Overall, the setup suggests a cautious approach with a current bearish bias. The critical area to watch is the support zone between $1.003 and $0.901. A break below this could continue the bearish trend while holding above could lead to potential recovery and a possible trend reversal if the price climbs above descending resistance and Fibonacci levels.
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BCCOIN looks good here. Forming a falling wedge-like structure in a 4-hour time frame and currently trading near the lower trendline of the wedge. Once it breaks out from the wedge, it can easily pump 200-300%.
Buy some now and add more in the dips.
Short Term Target:- $2.5-$3.5
Mid Term Target:- $7-$8
Long Term Target:- $15-$20
What are your thoughts on BCCOIN's current price action? Share your analysis in the comments below!
Note: This is not financial advice. Stay tuned for further updates and analysis. Thank you.
