BCH is at the upper limit of the negative trend channel. With RSI and MACD climbing it could have enough strength to break out of this long trend channel and the forming a new rally.
There is still the risk, that it rebounds at the resistance and falls back into the channel - then it could go further till it reaches the lower limit of the trend channel. Or it rebounds on the support (swing trend line at 632$).
Actually bulls and bears are fighting around the trend channel line, RSI approaching the ascending trend line and MACD getting neutral.
So before stepping in (or out) one should wait until the new trend is clearly out of the channel or - in negative case - within the channel.
positive scenario: aim should be 880$ (next resistance line)
negative scenario: aim could be 640$ (next support line)
If BCH crashes beyond this support line (640) then my EW-projection is false and we´re just in the third corrective wave (or D-E).
There is still the risk, that it rebounds at the resistance and falls back into the channel - then it could go further till it reaches the lower limit of the trend channel. Or it rebounds on the support (swing trend line at 632$).
Actually bulls and bears are fighting around the trend channel line, RSI approaching the ascending trend line and MACD getting neutral.
So before stepping in (or out) one should wait until the new trend is clearly out of the channel or - in negative case - within the channel.
positive scenario: aim should be 880$ (next resistance line)
negative scenario: aim could be 640$ (next support line)
If BCH crashes beyond this support line (640) then my EW-projection is false and we´re just in the third corrective wave (or D-E).
Trade active:
We may see some consolidation in the next hours or days but I expect it to rise further and in the end of this move we shall reach the fib retracement ~1190$.