BCHUSD: Support Zone Which Is Good for Buying

The market could reach 400.00 level following the upward movement in the BTCUSD market. We got the price reversal, which was confirmed by RSI and MACD histogram. The price dropped below another resistance, and the market has room for further downward movement.

If you think about buying, probably the current prices are not so good for this. The market can move lower and give better prices. If you look at the daily chart, you will see the support zone, which will be good to open long positions.

The support zone is formed by the downtrend line, SMA200, SMA100, and the uptrend line. If the price reaches this zone and bounces, it will be possible to open long positions based on a confirmed reversal signal.
Stop orders for long trade must be placed below the local swing low and the uptrend line.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.