Black_Moon_Trading

BCH - Price Analysis

BITFINEX:BCHUSD   None
Overall, BCH price is within a descending channel . We had a small reversal after the tweezer bottoms (in orange) that formed 3/4 days prior.

Tenkan san shows the market is ranging. At the same time, Kijun Sen is falling to meet the price which signals a lessening in momentum. The wicks under the past two daily candles further supports that idea as well as the RVI.

Due to the oversold conditions on the stochastic RSI there is a likely chance we'll see the price fall.

A potential bounce from previous psychological support or the .236 fib level could cause an upside break of the descending channel which could bring about a fib extension to the .382 levels.

If the channel fails to break to the topside, our next levels of support are, 711, 694, and 672.

Trade Safe!

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