- The BCH market was in a downward correction after testing the $457 overhead resistance.
- The market fell to a low at $384 price level and resumed a range bound move above the 12-day EMA and the 26-day EMA.
BCH/USD Long-term Trend: Bullish
- Resistance levels: $480, $500, $520
- Support levels: $460, $440, $420
The BCH/USD pair was in the bullish trend zone. The BCH market was in a downward correction after testing the $457 overhead resistance. The market fell to a low at $384 price level and resumed a range bound move above the 12-day EMA and the 26-day EMA. A bullish trend line has been drawn to determine the duration of the bullish trend. From the trend line tool, as long as the bullish trend is ongoing, the trend line will be unbroken, the price will test the trend line resume its upward move.
However, if the price breaks the trend line and another candlestick closes on the opposite of it, then the current bullish trend is presumed to be terminated. However, the current trend is ongoing. The stochastic is in the overbought region but above the 60% range which indicates that the price is in a bullish momentum and a buy signal.
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