BCH created interesting chart , is a big move coming ?
Hello traders .
in this idea i wanna to talk about BCH chart .
let's start with weekly time frame :
as you can see in the weekly chart BCH price bounced from the weekly support around 380$ and breaked above the weekly 21 ema . but as you can see price to retest the 21ema as new support but for finding new pattern we need to look at lower time frame , usually we use the weekly time frame to found important levels , however sometime you can find bigger pattern in the weekly chart .
here is the daily chart :
in the daily time frame , price started to retracement after testing the weekly resistance , and if you draw fib retracement you can clearly see price found support from 0.382 level ; however there is very obvious descending channel in the chart which is very similar to the bull flag .
you can also count this as AB=CD move like this :
but we need to check the lower time frame to find entry zoon ; here is the 4H chart :
here is my personal attitude about how BCH try to break the channel ; its very possible actully to comes down to retest the 4h structure and also 21 ema then you can opening long position . and the target could be around the weekly resistance and also the 0.5 fib extension level.
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas
in this idea i wanna to talk about BCH chart .
let's start with weekly time frame :
as you can see in the weekly chart BCH price bounced from the weekly support around 380$ and breaked above the weekly 21 ema . but as you can see price to retest the 21ema as new support but for finding new pattern we need to look at lower time frame , usually we use the weekly time frame to found important levels , however sometime you can find bigger pattern in the weekly chart .
here is the daily chart :
in the daily time frame , price started to retracement after testing the weekly resistance , and if you draw fib retracement you can clearly see price found support from 0.382 level ; however there is very obvious descending channel in the chart which is very similar to the bull flag .
you can also count this as AB=CD move like this :
but we need to check the lower time frame to find entry zoon ; here is the 4H chart :
here is my personal attitude about how BCH try to break the channel ; its very possible actully to comes down to retest the 4h structure and also 21 ema then you can opening long position . and the target could be around the weekly resistance and also the 0.5 fib extension level.
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas