BCHUSD
has tested this $550 resistance zone 10+ times over the past few months. The Three times we managed to break/close above on the Daily saw big moves. This is also the edge of the HVN on the daily chart. Over $550 BCH can see 600-607 which serves as another strong resistance. If we can get through those price levels we open $700 lvls. The trickiest part about BCH on Kraken is the volume. The month of March has shown little volume into BCH on the kraken platform compared to previous months. BCH has been chopping about in the $460-$550 range since end of February and is gearing up for bigger move. I am only interested in BCH as a momentum play above $550. We have failed here multiple times as shown by the chart highlighted in pink. If we fail I expect to see $530 and some consolidation. If it can hold above the EMA clouds on the Daily chart though and then retest $550 I will be watching. Watch that volume! If we can start to see 15,000+ of volume it might be signaling a large move. PT: First PT will be the $600-$607 lvls, this would give roughly 10% move.
SL: For the stop loss you could risk off of failure of $550 or $530 depending on your risk tolerance.
GL!
Trade active:
BCH failed yesterday at $550 but has moved right back to the $550 lvl and is currently breaking above to $561. We have had some nice volume accumulation the past few days and we could see a big bullish break back to $600 land. I entered BCH average price $561. SL will be a fail back to $525.
Comment:
Nice move by BCH thus far. We are overbought on the smaller time frames but the Daily chart looks strong.$600-607 is a big lvl for BCH to get through. We will need volume to come in if we want to see big breakout like we say back in January and February.
Trade closed: stop reached:
I sold half my position at $594 yesterday and then my SL hit at $570 earlier today. BCH had a nice move but no follow through when it reached $600 area. Many coins pulling back a little. Keep an eye on $600-$607 for when BCH reaches it again.
Comment:
BCH really moving now! Above 607 opens up $675
Comment:
BCH touched resistance lvl there at ˜$675. what a move!