BCH/USDC - (UPDATE) 340 Tactical support penetrated - Alternative scenario confirmed
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)
Disclaimer: The content of this analysis should not be considered as a study, an investment advice or a recommendation concerning products, strategies or a particular investment opportunity. This content is strictly for illustrative, educational or informational purposes and is subject to change. Investors should not base their investment decision on the content of this site and are strongly recommended to seek independent financial advice for any investment they are considering.
