BCH/USD Mid-term work in the channel.

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.

評論:

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).

評論:

+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%

評論:

+50%

評論:

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.

評論:

L'importante livello di resistenza 644 (laterale, fase 2 della coppa, accumulazione) sfonda.

評論:

BCH/USD Main trend. Breakdown of the channel. The important zone

評論:

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.