Weekend Crypto analysis: BCH looks set up to move into higher ra

2023年4月29日

BCHUSDT

From the weekly perspective, I think BCH is set up to move up into a much higher range. This is indicated by the candle which attacked the solid purple level 148.73, which is a weekly break level. Attacking this confirms the breakdown of that cycle, invalidating the downtrend, and confirming the likely move up into a monthly range.

But first, we have some work to do.

The next price target for a short or to close a long would be at the daily hold level at. 130.36, which is on the daily is the next “untested” level of resistance we will be looking to test.

On the 4hr, we have alrdy hard closed the red down trend, which means we must do so on the daily. (Hard close means the bottom-side of the accumulation candle where price “opens” must close above the trend)

As indicated by my yellow triangle, we must break thru and backtest the topside of this accumulation zone for us to confirm the higher range.

I would argue anything within this yellow accumulation zone would be a solid long for the potential 9% move up.

**this is simply my personal analysis and not intended to be financial advice**

open.substack.com/pub/jeremymercier/p/weekend-crypto-analysis-bch-looks?r=jp1dy&utm_campaign=post&utm_medium=web