Looking at the daily chart for BCH/XBT, we can see that it is sitting at a new all-time low. The price action has been in a falling wedge since last year and is currently sitting on its last line of defense. Nevertheless, there are some positives. The daily RSI is oversold at 26 and is due for a bounce. Support can be seen on the MACD and price chart.
BCH tends to have a knack for pumping hard at low points and then slowly selling off its gains. This may be an ideal time for a low risk-high reward trade. Buy at this level and have a tight sell-stop. The target price is the upper boundary of the falling wedge at .08.
Current Price: .0418
Buy - .04-.05
Target - .08
SL - . 039
Let's see if we can bring some life into BCH!
Cheers!
BCH tends to have a knack for pumping hard at low points and then slowly selling off its gains. This may be an ideal time for a low risk-high reward trade. Buy at this level and have a tight sell-stop. The target price is the upper boundary of the falling wedge at .08.
Current Price: .0418
Buy - .04-.05
Target - .08
SL - . 039
Let's see if we can bring some life into BCH!
Cheers!
Comment:
I should mention that while .08 is the ultimate target, that price point is double the price and we may not hit it. As such, you should take profit along the way.