Inverted Head & Shoulders: BCH displays an inverted head and shoulder pattern with a neckline at $250.
Overhead Supply: Despite crossing $250, BCH faced a pullback due to overhead supply.
Potential for $300: If BCH sustains above $250, it could reach $300.
Bullish October: The overall market, including Bitcoin, is bullish, positively affecting BCH.
Current Price: BCH is trading at $231.50 with multiple Doji candle formations at the $230 support level.
Bullish Reversal: A bullish reversal from $180 and the 200-day EMA has provided momentum.
DMI Indicator: The ADX line has shot up, indicating strong momentum, and the DI line remains bullish.
Positive EMA: The 50 and 200-day EMA maintain a positive alignment.
Recovery Phase: The chances of BCH taking a reversal to $250 are increasing.
Critical Neckline: The $250 level serves as a crucial neckline for the bullish pattern.
Bullish Scenario: A breakout above $250 could lead to a rally towards $300.
Bearish Scenario: A failure to hold $250 could lead to a pullback to $228, and potentially down to $200.
Overhead Supply: Despite crossing $250, BCH faced a pullback due to overhead supply.
Potential for $300: If BCH sustains above $250, it could reach $300.
Bullish October: The overall market, including Bitcoin, is bullish, positively affecting BCH.
Current Price: BCH is trading at $231.50 with multiple Doji candle formations at the $230 support level.
Bullish Reversal: A bullish reversal from $180 and the 200-day EMA has provided momentum.
DMI Indicator: The ADX line has shot up, indicating strong momentum, and the DI line remains bullish.
Positive EMA: The 50 and 200-day EMA maintain a positive alignment.
Recovery Phase: The chances of BCH taking a reversal to $250 are increasing.
Critical Neckline: The $250 level serves as a crucial neckline for the bullish pattern.
Bullish Scenario: A breakout above $250 could lead to a rally towards $300.
Bearish Scenario: A failure to hold $250 could lead to a pullback to $228, and potentially down to $200.