BCH/USDC - (UPDATE) 340 Tactical support penetrated - Alternative scenario confirmed

MARKET_MINDS

BULLISH

BCH

Market & Ticker: Bitcoin Cash - BCH/USDC

Date: 15/07/2024

Horizon / Timing: Tactical Mid-term / 1 to 3 months

Scenario:

BCH dropped sharply after having failed to accelerate to the upside before penetrating 340 key tactical support in Daily close.

The next key level to focus on area at 200 (Strategic support).

A new analysis will be published in case of new clear bullish set up.

Technical Key Elements:

RSI indicator is positive providing pre-signal
The Moving average are resistance
Fibonacci key support is adjusted at 340 while the Elliot wave shows upside potential towards 415.00 and 580.00

Trade Idea conclusion: Buy

Target 1: 580
Confirmation: 415
Buy: add in dip area 380
Stop: 340

Chart: Daily Basis (Candle Stick) - Logarithmic

Indicators: Exponential Moving Average (21/34/89) - RSI (21)

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