Hello,
Getting right to it, BCH has formed an obvious bull-flag pennant displayed in yellow on my chart. I have created a fairly confident target at $1,700 based on the length of flag pole (original 4 hr green candle breakout). In addition to this bullish flag pennant, BCH has experienced a strong bounce upon contact with the 50 MA. The consolidation within the bull pennant offers a good buy opportunity.
Stop Loss if BCH breaks below bottom yellow diagonal line in flag formation.
Take care and enjoy this ride.
Getting right to it, BCH has formed an obvious bull-flag pennant displayed in yellow on my chart. I have created a fairly confident target at $1,700 based on the length of flag pole (original 4 hr green candle breakout). In addition to this bullish flag pennant, BCH has experienced a strong bounce upon contact with the 50 MA. The consolidation within the bull pennant offers a good buy opportunity.
Stop Loss if BCH breaks below bottom yellow diagonal line in flag formation.
Take care and enjoy this ride.
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Furthermore, there is a very distinct support/resistance of pricing in the 1700-1900 range. Look for this to serve as an area for consolidation if potential upside is to ensue. If we face a strong rejection near 1700 levels BCH is likely to face further downside.