TradingShot

BCHUSD about to break a 1 year Resistance line!

Long
COINBASE:BCHUSD   Bitcoin Cash / U.S. Dollar
Bitcoin Cash ( BCHUSD ) has been trading below a Lower Highs trend-line since the May 12 2021 High. So far we've had 3 major rejections on that trend-line. However the time may have come that we will finally see a bullish break-out above the Lower Highs, as BCH has been trading within a Channel Up (dashed lines) since the January 24 market bottom. If the price tests the Lower Highs again, it will be the soonest double test in that span.

The obvious immediate Resistance levels if a break-out takes place, will be the 1D MA200 (orange trend-line) and mostly the 1W MA50 (red trend-line). Above the Resistance Band of 735.00 - 809.00, Bitcoin Cash enters a new long-term parabolic rally.

Note that what gives more chances to the upside right now is the fact that the 1W RSI is above its MA. If the MA holds as a Support, it will further boost the bullish potential.



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