BCH: Sideways ChannelTrade setup : Trends are mixed and price is trading in a Sideways Channel ($218 - $260). Swing Traders can trade the range – Enter near Support ($218) and Exit near Resistance ($260). Trend Traders ought to wait for a breakout in either direction. If it’s able to break above $260 resistance, it could resume its uptrend and revisit $330 level from July.
Pattern : Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range – Buy near Support and Sell near Resistance.
Trend : Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance : Nearest Support Zone is $200 (previous resistance), then $140 - $150. The nearest Resistance Zone is $260, then $330.