altFINS

BCH: Descending Triangle Breakout

Long
BINANCE:BCHUSDT   Bitcoin Cash / TetherUS
Bitcoin Cash (BCH) technical analysis:

Trade setup: Bearish breakout from Descending Triangle pattern, below $110 support, which confirms a downtrend. Price could revisit $95 support last seen in late 2022.

Pattern: Price was trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend. Most traders will take a position once the price action breaks through the bottom line of the triangle with increased volume, which is when the price should decline an amount equivalent to the widest section of the triangle.

Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).

Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.

Support and Resistance: Nearest Support Zone is $95. The nearest Resistance Zone is $110 (previous support), then $120, and $140 – $150.

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