BCHUSD Update Near Term and Break Points
Near Term
BCH ran out of upside momentum, double topping at 1461
though this level was actually briefly exceeded, snapping at
any bear stops just above it before fading, and showing first
quite big red bull engulfing candle off the high of the
day...mild rejection, not hot but not cold either, except in
very near term - what looks like a continuation pattern is now
being hammered out and will likely have further to run yet...3
strikes on the lower parallel shows it's not 'hot' and has to
unwind some more, likely recoiling from 1413 - when tested
(and almost certainly from the two lines of dynamic
resistance waiting just above price to clip any nascent rally in
the bud at 1425 now) ...looks like it's a sell one more time
from 1413-1426 range and a reverse long at 1351 ideally, or
off the lower smallest parallel that this little continuation
pattern is running in now.
Break Points
An eventual break above the upper smallest parallel that
holds back price today should be followed (usual drill on
breakouts) for a rally to 1620-1638 minimum and 1766
maximum in near term
On downside: A break below 1347 would tip BCH from neutral
to negative in the near term triggering a short back to 1286
and if this was to fail to 1245.
Near Term
BCH ran out of upside momentum, double topping at 1461
though this level was actually briefly exceeded, snapping at
any bear stops just above it before fading, and showing first
quite big red bull engulfing candle off the high of the
day...mild rejection, not hot but not cold either, except in
very near term - what looks like a continuation pattern is now
being hammered out and will likely have further to run yet...3
strikes on the lower parallel shows it's not 'hot' and has to
unwind some more, likely recoiling from 1413 - when tested
(and almost certainly from the two lines of dynamic
resistance waiting just above price to clip any nascent rally in
the bud at 1425 now) ...looks like it's a sell one more time
from 1413-1426 range and a reverse long at 1351 ideally, or
off the lower smallest parallel that this little continuation
pattern is running in now.
Break Points
An eventual break above the upper smallest parallel that
holds back price today should be followed (usual drill on
breakouts) for a rally to 1620-1638 minimum and 1766
maximum in near term
On downside: A break below 1347 would tip BCH from neutral
to negative in the near term triggering a short back to 1286
and if this was to fail to 1245.
Comment:
Nice rally from where it should've - but be careful here now as per comment
