The Crypto Cross BCHXBT in Upward Trend Channel on 2 Hour Chart
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes.
Trend Analysis
The main view of this trade idea is on the 2-Hour chart. BCH/XBT had a low in late June 2021 at 0.01331. The crypto cross proceed to form an upward trend channel with what appears to be several support/resistance zones in the trend channel. The most prominent support/resistance zone is the 0.1472-0.1505 price region. Traders can anticipate some possible market entry at that support/resistance zone which is a bit below the middle of the upward trend channel. A resistance zone is perceived in the 0.154-0.156 price level, which is near the upper region of the upward trend channel. The support/resistance zones are supported by the market profile indicator.
Technical Indicators
The short (25-SMA), medium (75-SMA) and fractal moving averages are trading below BCH/XBT which exhibits positive price movements in the respective timeframe. At the point in publishing, the short (25-SMA) and medium (74-SMA) term moving averages are in the process of having a positive crossover, which is also a bullish sign.
The KST is also confirming positive price movements with a bullish crossover. Also, the KST is channeling higher over the chart review period. RSI is trading above 50, which shows positive price momentum and approaching overbought levels.
Recommendation
Recommendation will be to go long around the 0.1494 price level with a stop loss at around 0.1436. Initial profit target level will be at 0.156. This produces a risk reward ratio of 1.18.
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes.
Trend Analysis
The main view of this trade idea is on the 2-Hour chart. BCH/XBT had a low in late June 2021 at 0.01331. The crypto cross proceed to form an upward trend channel with what appears to be several support/resistance zones in the trend channel. The most prominent support/resistance zone is the 0.1472-0.1505 price region. Traders can anticipate some possible market entry at that support/resistance zone which is a bit below the middle of the upward trend channel. A resistance zone is perceived in the 0.154-0.156 price level, which is near the upper region of the upward trend channel. The support/resistance zones are supported by the market profile indicator.
Technical Indicators
The short (25-SMA), medium (75-SMA) and fractal moving averages are trading below BCH/XBT which exhibits positive price movements in the respective timeframe. At the point in publishing, the short (25-SMA) and medium (74-SMA) term moving averages are in the process of having a positive crossover, which is also a bullish sign.
The KST is also confirming positive price movements with a bullish crossover. Also, the KST is channeling higher over the chart review period. RSI is trading above 50, which shows positive price momentum and approaching overbought levels.
Recommendation
Recommendation will be to go long around the 0.1494 price level with a stop loss at around 0.1436. Initial profit target level will be at 0.156. This produces a risk reward ratio of 1.18.