In this article we are going to discuss recent price of BCH, possible targets, support and resistance levels. Please remember that this is not a financial advice, trade wisely. This is a brief technical analysis based on multiple indicators that have been in a constant change lately, but most importantly in a clear trend till this moment.
In the chart below, you can observe a 1 hour timeframe chart of BCHUSDT. In this chart, and as we previously mentioned on this site, we expected BCH to retest the resistance level of 315$. BCH was able to break through 315$ levels, but what next?
In this chart you can observe the red lines as support lines, green lines represent resistance lines and take profit targets.
General Trend : Bullish
Trading above 200 EMA
Current Price : 317.78$
Support Lines: Based on previous tested levels: 315$
294$
260$
235$
Based on trend line: 284$
268$
Resistance lines : Based on previous tested levels: 327$
348$
368$
Based on TA, being able to break through 368$ will lead to a massive pump in the price and may lead us to 440$
Based on EWT: If this is the first impulsive wave, we may see a retracement to 308-310$ before the continuation of the trend and reaching 345$.
It is very important to hold the support levels of 315$ and 294$.
Due to that the general trend of the market is bullish, it is only recommended to long BCH, unless we suffer of a trend reversal.
This was a brief TA of BCHUSDT, please trade wisely, plan your trades, set your stop loss based on the ATR indicator on 4hr timeframe chart.
Thanks for your attention,
Crypto Army