Home Daily Analysis Crypto Market sentiment BCHUSD: Trades to Wait to Find a Direction

BCHUSD: Trades to Wait to Find a Direction

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BCHUSD has been choppy again on the daily chart. The daily price action shows that the possible neckline of the double bottom may have been adjusted. The price had a rejection earlier from a level of resistance. It went a bit further up but did not seem to have enough liquidity. The buyers did not consider it as a breakout. Thus, it has been having a downward correction. An upside breakout with a strong bullish daily candle may change the scenario. However, at the moment, it seems like the price will go towards the South to find a level of support.

Let us find more from the daily chart.

The Daily Chart

The price went to the level of 348.00 and produced a daily bearish candle. The price has been coming towards the downside since then. Thus, the daily buyer must wait for an upside breakout to go long. It may find a level of support in between or come all the way down at the marked support level.

Let us now have a look at the H4-BCHUSD chart.

The H4 Chart

The H4 chart’s price action shows that the price is within a horizontal range. However, it has more potential to make a breakout at the level of 328.85. With that breakout, the price may come further down. On the other hand, if the level is held and the level of 340.90 is breached, the price would head towards the North.

The Bottom Line

Since both the daily and the H4 chart show that BCHUSD has been choppy, so readers shall wait for the price to give them a direction to trade. This is the time when traders need to be patient and must not get carried away. There is a saying “let the market move and; move with the market”. This is what traders need to do with BCHUSD now.

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