BCH is channelised in a downtrend.
It found now a nice basis which normally should put it high again. The propulsive strenght of this Basis seems to weaken, designing a descending triangle. The only solution to come out of this channel is another strong squeez.
If this squeez did not arrive, a strong sell off will follow.
If it come out of the channel the orange areas are the target.
Wait, buy or sell the break out.
BIO
It found now a nice basis which normally should put it high again. The propulsive strenght of this Basis seems to weaken, designing a descending triangle. The only solution to come out of this channel is another strong squeez.
If this squeez did not arrive, a strong sell off will follow.
If it come out of the channel the orange areas are the target.
Wait, buy or sell the break out.
BIO
Comment:
There is also a ultrabullish idea 38.2 correction inside this small channel
Comment:
Confirmation of the 510-520 level + break out of the channel = 600 dollars
Break above the sideward yearly resistance = strong bullish move. rejection = probably retest of the 400 levels
Break above the sideward yearly resistance = strong bullish move. rejection = probably retest of the 400 levels
Watchout for a retracement and following pullback around 512 dollars (61.8 fibonacci) + nice support