BCH ANALYSIS
BCH has been ranging inside an upward channel for some time. I expect this to be the top, as a bearish divergence had formed on the daily form the past top and this current top. I expect the channel to break down and would recommend a short from this position. Looking for drop back to channel bottom trend at T1 of .03125. The breakdown of the channel would bring in the next target profit of T2 at .0301 and on to the final target at the hanging 50 MA at T3 of .0285. The daily resistance should hold and BCH should see a retrace outside of the upward channel. STOCH has been bearish since before the recent pump and RSI is fading. Expect the retrace to come over the weekend and into next week.
Possible Short Entries: .0323
BCH has been ranging inside an upward channel for some time. I expect this to be the top, as a bearish divergence had formed on the daily form the past top and this current top. I expect the channel to break down and would recommend a short from this position. Looking for drop back to channel bottom trend at T1 of .03125. The breakdown of the channel would bring in the next target profit of T2 at .0301 and on to the final target at the hanging 50 MA at T3 of .0285. The daily resistance should hold and BCH should see a retrace outside of the upward channel. STOCH has been bearish since before the recent pump and RSI is fading. Expect the retrace to come over the weekend and into next week.
Possible Short Entries: .0323