BCH/USDC - (Bullish) BCH is at key support to engage a new recovery
Market & Ticker: Bitcoin Cash - BCH/USDC
Date: 29/08/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
BCH consolidated after the BTC halving within a seasonal period which now offers opportunity to buy the lower part of the consolidation pattern in progress ahead of BTC recovery expcted
At the current level as long as 290 remains a tactical support valid a larger rise towards 425 is expected. On the Midterm 580 is the standard target –
Technical Key Elements:
- Consolidation in progress
- RSI indicator is at key support
- The Moving average are still resistance
- Fibonacci key support is adjusted at 290 while the Elliot wave shows upside potential towards 425 and 580
Trade Idea conclusion: Buy
- Tactical Target Max 580
- Tactical Target 425
- Tactical confirmation: NO
- Tactical key support (Pivot) 200 (Daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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