On Nov 11, BCH price declined after the complete form of triple top reversal pattern which has been forming since Oct 30. Market price has been toppish since then and bearish investors had managed to push down prices after the complete form of double top reversal pattern.
Notice that the bulls came in to hold support at price level of 280 and manage to push back up the price to 300.
At current market, the bears prevailed and price finally broke down the support level of 280. Price may potentially decline further and reach the next support level of 247 and even the following support level of 233. Also, notice that instrument is still currently in downtrend with indication of Lower Highs and Lower Lows.
I am more bearish on this one and would like to see the following price action to time my entry at the best possible level.
Bearish ---> I would like to see price retraced itself to level at between 267/269, formed a continuation flag pattern and break down for a further price decline (refer to the hourly chart). You may be able to relate better to smaller time frames (i.e. 1 hour chart) when comes to entry execution.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X
Notice that the bulls came in to hold support at price level of 280 and manage to push back up the price to 300.
At current market, the bears prevailed and price finally broke down the support level of 280. Price may potentially decline further and reach the next support level of 247 and even the following support level of 233. Also, notice that instrument is still currently in downtrend with indication of Lower Highs and Lower Lows.
I am more bearish on this one and would like to see the following price action to time my entry at the best possible level.
Bearish ---> I would like to see price retraced itself to level at between 267/269, formed a continuation flag pattern and break down for a further price decline (refer to the hourly chart). You may be able to relate better to smaller time frames (i.e. 1 hour chart) when comes to entry execution.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X