BCHUSD has been within a daily horizontal range. The price has had a bounce at the support level and headed towards the North. Yesterday’s daily candle came out as a bullish candle which may attract the daily buyers to wait for an upside breakout to go long on BCHUSD.
Let us have a look at the Daily-BCHUSD chart.
The Daily Chart
The level of 287.85 is the level where the price had the last bounce as the chart shows that the price had bounced at the same level earlier as well. At the last bounce, the price produced a spinning top daily candle followed by another bullish daily candle. Moreover, today’s price action has been bullish, as well. Thus, a breakout at the resistance level, which is at 342.85 is very much on the card. If that happens, the daily buyers may start buying BCHUSD and push the price towards the North further.
Let us now have a look at the H4-BCHUSD chart to find out what H4 price action suggests.
The H4 Chart
The resistance level on the H4 chart is at 336.70, which is a bit below than the daily resistance. This means if an H4 bullish candle makes a breakout at the level of 336.70, the H4 traders may start buying BCHUSD. This may eventually make a daily breakout at the daily resistance. The H4 price action suggests that the price might have found its support since a Doji candle has been produced after that H4 bearish candle. Let us wait and see whether it produces an H4 bullish candle to breach the level of 336.70 as well.
The Bottom Line
The H4 and the daily chart both look good enough to make an upside breakout. However, the daily resistance level is very strong. Thus traders might as well wait to get a solid breakout to go long on BCHUSD.