Evening Traders,
Today’s technical analysis will be on BCHBTC, trading very close to its apex with a breakout being imminent.
Points to consider,
- Local Trend bearish
- Price trading near apex
- RSI testing support
- Stochastics projected down
- Volume extremely low
- Local support - .50 Fibonacci
BCHBTC’s local trend has been bearish, consecutive lower highs evident; this can be considered as a bearish pennant, a continuation pattern.
Price is coiling up near its apex, support and resistances are converging, decision time is upon fruition.
The RSI is testing its support; break will highly coincide with further downside momentum, similar case with the stochastics that’s already projecting down.
The volume is clearly below average, this signals a breakout being imminent from this current formation.
A break bearish needs to close below the .50 Fibonacci Level, this will confirm continuation in the trend, as local support is breached.
Overall, in my opinion, BCHBTC is upon a break, this current formation can be regarded as a bearish pennant as the trend is clearly making consecutive lower highs.
What are your thoughts?
Please leave a like and comment,
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
Today’s technical analysis will be on BCHBTC, trading very close to its apex with a breakout being imminent.
Points to consider,
- Local Trend bearish
- Price trading near apex
- RSI testing support
- Stochastics projected down
- Volume extremely low
- Local support - .50 Fibonacci
BCHBTC’s local trend has been bearish, consecutive lower highs evident; this can be considered as a bearish pennant, a continuation pattern.
Price is coiling up near its apex, support and resistances are converging, decision time is upon fruition.
The RSI is testing its support; break will highly coincide with further downside momentum, similar case with the stochastics that’s already projecting down.
The volume is clearly below average, this signals a breakout being imminent from this current formation.
A break bearish needs to close below the .50 Fibonacci Level, this will confirm continuation in the trend, as local support is breached.
Overall, in my opinion, BCHBTC is upon a break, this current formation can be regarded as a bearish pennant as the trend is clearly making consecutive lower highs.
What are your thoughts?
Please leave a like and comment,
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.