BCH faces overhead resistance at 200 EMA. Can it break through?
Hello,
As you can see there are 3 major zones outlined on my analysis. I left the chart rather empty as I do not want to make assumptions of what might happen. I will however give an analysis of the likelihood that movements will occur based on the price and volume reactions to my outlined levels.
We seemed to be attempting to break out of a bullish pennant yesterday, however BCH is facing some overhead resistance at the 800 hour average (around $1700). If we can reach and breach this level around $1700, a move near $2000 levels is likely. $2000 offers very strong overhead resistance and is a good mid-term profit-taking target based on what the market is telling us. I will update this broad analysis as the story unfolds.
Take it EZ
Mobsta
As you can see there are 3 major zones outlined on my analysis. I left the chart rather empty as I do not want to make assumptions of what might happen. I will however give an analysis of the likelihood that movements will occur based on the price and volume reactions to my outlined levels.
We seemed to be attempting to break out of a bullish pennant yesterday, however BCH is facing some overhead resistance at the 800 hour average (around $1700). If we can reach and breach this level around $1700, a move near $2000 levels is likely. $2000 offers very strong overhead resistance and is a good mid-term profit-taking target based on what the market is telling us. I will update this broad analysis as the story unfolds.
Take it EZ
Mobsta