The BCH instrument showed a local preload, where the highs of the price gradually decreased, forming a figure known as a “descending triangle". This usually indicates the presence of a large participant in the coin with an increase in volumes. At the same time, there is a support level that was tested with a few touches when participants opened positions from this level and accumulated their stop losses behind it. I expect to see a gradual approach to the level with an increase in trading volumes and activity in the order book before the breakdown.
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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.