After a little panic on the market, BCH' testing again the 2018 low point.
Around the $400 level is the 2018 low support level and as You see on the chart there is a possible "Double bottom" chart pattern which will indicate that we may see a bounce upwards BUT all is based what BTC' does! If it finds the short-term bottom from the current strong support level ($6250) then we have a nice platform on the BCH' chart!
The target would be the next round number $500, criteria:
1. The major trendline, which is pulled from the wicks on the 4h chart since 11 Jan. 2018
2. The round number $500 which starts to work as a resistance
3. Fibonacci retracement 38%
4. Fibonacci extensions from the current waves are between the 141%-162%
If BTC' starts to show a weakness and we break below the current support ($6250) then could we see that BCH' follow this move and we will see a possible close below the $400. A candle close below the 2018 low level and below the round number will guide us to the drop and the first target would be the $300.
Technically a good place for the price reversal (at least short-term):
1. The minor trendline since 16. Nov. 2017
2. The round number $300, which starts to work as a support
3. Fibonacci Extension 141% pulled from July 24. to August 14.
Both, the upwards target and the downwards target, are in the crossing area. If some price action criteria matching with each other then it will make this area much stronger!
Hopefully, this overview helps You out a little bit to confirm Your own levels and analysis!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice day!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Around the $400 level is the 2018 low support level and as You see on the chart there is a possible "Double bottom" chart pattern which will indicate that we may see a bounce upwards BUT all is based what BTC' does! If it finds the short-term bottom from the current strong support level ($6250) then we have a nice platform on the BCH' chart!
The target would be the next round number $500, criteria:
1. The major trendline, which is pulled from the wicks on the 4h chart since 11 Jan. 2018
2. The round number $500 which starts to work as a resistance
3. Fibonacci retracement 38%
4. Fibonacci extensions from the current waves are between the 141%-162%
If BTC' starts to show a weakness and we break below the current support ($6250) then could we see that BCH' follow this move and we will see a possible close below the $400. A candle close below the 2018 low level and below the round number will guide us to the drop and the first target would be the $300.
Technically a good place for the price reversal (at least short-term):
1. The minor trendline since 16. Nov. 2017
2. The round number $300, which starts to work as a support
3. Fibonacci Extension 141% pulled from July 24. to August 14.
Both, the upwards target and the downwards target, are in the crossing area. If some price action criteria matching with each other then it will make this area much stronger!
Hopefully, this overview helps You out a little bit to confirm Your own levels and analysis!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice day!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Trade closed: target reached:
We got a close above the 50 and 100EMAs and now, the next resistance is 200EMA if we manage to break above this then we have a no mans land until $500