BCH: Channel Down BreakoutBitcoin Cash (BCH) technical analysis:
Trade setup : Bullish breakout from Channel Down pattern and above $200 resistance, with big volumes, could signal that the price is finished with consolidation, the supply from sellers has been finally fully absorbed and price can resume its long-term uptrend. Price could revisit $250 resistance.
Pattern : Price was trading in a Channel Down pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend : Uptrend on Short- and Medium-Term basis and Neutral on Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral). MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance : Nearest Support Zone is $200 (previous resistance), then $140 – $150. The nearest Resistance Zone is $250, then $330.