There is an interesting BCHUSD setup. The strong bearish bar broke the previous structure low and support level at 1142. Now that support acts as resistance and there are two scenarios that most likely develop.
The BCHUSD price action shows that the sellers controlling the price last few days. However, there is a slight shift of power in the last hours. The last 4H bar is bullish and buyer may push the price up and backtest the breakout. The second scenario is a more aggressive approach to go short and consider this as a valid breakout. However, I prefer to wait the market to see how the price action develops and then take the position.
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The BCHUSD price action shows that the sellers controlling the price last few days. However, there is a slight shift of power in the last hours. The last 4H bar is bullish and buyer may push the price up and backtest the breakout. The second scenario is a more aggressive approach to go short and consider this as a valid breakout. However, I prefer to wait the market to see how the price action develops and then take the position.
- Follow & Comment -
