Market Review

Bitcoin Cash: technical analysis

Current trend

At the end of last week, BCH quotes began to grow significantly and today tested the level of 437.50 (Murrey [7/8]). A further increase is possible to the levels of 500.00 (Murrey [8/8]) and 562.50 (Murrey [+1/8]). The preservation of the uptrend is indicated by the divergence of Bollinger bands and the growth of the MACD histogram. However, a temporary rollback to the middle line of Bollinger bands around ​​312.50 (Murrey [5/8]) within the uptrend is also not excluded, which is confirmed by Stochastic, staying in the overbought zone. In addition, there are signs of the formation of divergence between the price chart and the MACD histogram, which also indicates the possibility of correction.

Support and resistance

Resistance levels: 437.50, 500.00, 562.50.

Support levels: 375.00, 312.50, 250.00.

Trading tips

Long positions can be opened above the level of 437.50 with the targets at 500.00, 562.50 and stop loss 397.00.

Short positions should be opened below the level of 375.00 with the targets at 312.50, 250.00 and stop loss 420.00. Implementation period: 3–4 days.

Scenario

Timeframe Intraday
Recommendation BUY STOP
Entry Point 443.00
Take Profit 500.00, 562.50
Stop Loss 397.00
Key Levels 250.00, 312.50, 375.00, 437.50, 500.00, 562.50

Alternative scenario

Timeframe Intraday
Recommendation SELL STOP
Entry Point 367.00
Take Profit 312.50, 250.00
Stop Loss 420.00
Key Levels 250.00, 312.50, 375.00, 437.50, 500.00, 562.50

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