This three hour chart shows what is required for a continuation upwards. The price point must stay above the 50 MA (ex shadow tails). For a bullish break it must move above the green trend lines solid or hashed (at least one of them but preferably both. Some indicated buy areas in red circles and selling points in green circles... This idea is based on the previous structure circled on the left side. Of course it may not consolidate this long and could break above the green trend lines on wave cycle tops. A breakdown below the 50 MA could see a retest of some low price points with the outside potential to strike the 600 range for an absolute bottom. The 1200 seems to have the most demand and bulls are defending this line.
thank for your analysi, what is your target for BCH? i think bch on big potential xxx profit
graham.edwards84
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@siavashbs, It is not really possible for me to predict a top at this point in time. We will consolidate for some time yet so until the green trend line is broken through to the upside and we can see the structure of the move then we should be able to start to chart some ideas with respect to the top. But we should have no difficulty in my opinion to eclipse the previous all time high. The problem with BCH is that it has demonstrated a spike followed by a long consolidation and I see this playing out again here so look to mid December or past for the new rally and if it breaks down through the bullish base indicated by the blue trend line then it could be headed down to thee 600 range. These are my opinions you understand okay. Thank you for your question though.