BCH/USD shows 'Symmetric Triangle' breakout, go long above 2540
BCH/USD has shown a decisive breakout of 'Symmetric Triangle' pattern on 30 minute charts.
Technical studies are also bullish, which support further upside in the pair.
RSI strong above 50 levels and biased higher. Stochs show bullish momentum.
We also see +ve DMI dominance with ADX support.
The pair faces immediate resistance at 2540 which is nearly converged 100-SMA and cloud on 30 min chart.
Decisive break there could see test of 61.8% Fib at 2734 ahead of 2832 (78.6% Fib).
Bullish invalidation likely if the pair retraces into 'Triangle'.
Support levels - 2513 (23.6% Fib retrace of 2956 to 2377 fall), 2474 (1H 100-SMA), 2450 (trendline/ triangle top)
Resistance levels - 2540 (1H 50-SMA, 30 Min 100-SMA, 30 Min cloud), 2734 (61.8% Fib), 2832 (78.6% Fib)
Good to go long on breakout at 2540, SL: 2450, TP: 2670/ 2735/ 2830
Technical studies are also bullish, which support further upside in the pair.
RSI strong above 50 levels and biased higher. Stochs show bullish momentum.
We also see +ve DMI dominance with ADX support.
The pair faces immediate resistance at 2540 which is nearly converged 100-SMA and cloud on 30 min chart.
Decisive break there could see test of 61.8% Fib at 2734 ahead of 2832 (78.6% Fib).
Bullish invalidation likely if the pair retraces into 'Triangle'.
Support levels - 2513 (23.6% Fib retrace of 2956 to 2377 fall), 2474 (1H 100-SMA), 2450 (trendline/ triangle top)
Resistance levels - 2540 (1H 50-SMA, 30 Min 100-SMA, 30 Min cloud), 2734 (61.8% Fib), 2832 (78.6% Fib)
Good to go long on breakout at 2540, SL: 2450, TP: 2670/ 2735/ 2830