Bitcoin Cash (BCH) - Member's trade idea posted

We can see that this level is well supported by the amount of demand which can be confirmed by the VP and the larger relative green volume bars. Daily/Weekly MACD is positive and a bullish divergence has been confirmed on both timeframes. Willy is in an oversold position on both the Daily and Weekly timeframes, suggesting this has legs to run when confirmed.

Currently short time frame EMA’s are providing some resistance, weighed down by the longer term MA. Should we get a consolidation above the EMAs and a break above the MA this could turn into a longer term setup, however right now due to the uncertainty short term long trades are higher probability.

So we have taken a look at the 4h chart, and due to the quick spike up today we can clearly see that the market is in an overbought position. Therefore, we need to be patient and wait for either a consolidation breakout pattern to target the $xxx level, or a range trade from close to $xxx.

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Charts by coinigy.com