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BCH/USD Mid-term work in the channel.

699
A channel has formed in the main trend. Here I have shown potential medium-term work from trend and support/resistance levels. It is also worth noting that a cup may form.

BCH / USD Main trend. Channel. 1 week.
BCH / USD Main trend. Channel. 1 week.
Note
snapshot the price reached the 386 level (squeeze) and a local trend reversal began from it. A double bottom formed 40% Only now there is a breakdown of the secondary downtrend (red).
Note
snapshot +20% from the breakdown, a double bottom W was formed. The price stopped below the level of 555. Breakdown of the trend zone of the internal channel - the 3rd phase of the cup. Not overcoming this zone - sideways phase 2 with steps of 40-50%
Note
snapshot +50%
Note
snapshot After the local correction to the dynamic uptrend support and reaching exactly the support level (reversal) of 469, a local Ross hook is now formed, its resistance (confirmation) level is 644 (sideways resistance zone). A high probability of price growth, at least local.
Note
snapshot L'importante livello di resistenza 644 (laterale, fase 2 della coppa, accumulazione) sfonda.
Note
BCH/USD Main trend. Breakdown of the channel. The important zone
BCH/USD Main trend. Breakdown of the channel. The important zone
Note
BCH/USD Secondary trend The important area Simple rules for work
 The graph is logarithmic. This is a secondary trend. That is the fall of the price since May 19, 2021, from the pumping of +666%. The trend is a pronounced downtrend in spite of the significant local pumping of +50-80% within the downtrend.

At the moment the price is in a local consolidation near the area where the trend reversal started last year.

I used a marker on the chart to show options for the logical start of the price movement (direction).

Positive.
If the secondary trend breaks through (red line) and the price fixes above the 218-300 zone—the trend reverses and the price goes up (at least, the decline stops and turns into a sideways trend). Bitcoin goes up.

Negative.
A breakout of this zone is unfortunate. Reality of the descending flag (or part of its targets).
Semblance of a repeat of the 2018 fractal structure (see main trend idea for understanding). Let's hope it doesn't come to that... As it will mean that the similar will be not only on BCH, but also on the whole market, i.e., double top working out on bitcoin , if you don't understand what I mean.
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altcoinsBCHBCHUSDbchusdtChart PatternscryptocryptocurrenciesCryptocurrencycryptotradingPivot PointsTrend Analysis
SpartaBTC
✅ Telegram. Finance + Trading: t.me/SpartaBTC_1318
✅ Telegram. Сrypto trading only: t.me/SpartaBTC_tradingview
✅ Instagram: instagram.com/spartabtc_1318
✅ YouTube (Rus): goo.su/vpRzRa2
Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.