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BCH/USDT (Spot) Potential Upward Movement

BCH/USDT (Spot) Long-Term Trend: Bullish

Key Resistance Levels: 687.1, 749.4, 750.0.

Key Support Levels: 598.2, 546.0, 469.9.

Daily Chart:

The price on the higher time frame found support around the 469.9 USDT level where it reversed and started to post higher highs and lows. The market managed to break the key resistance level around the 598.20 USDT level and retraced to it. We expect a move higher now since the pullback has been posted.

BCH/USDT (Spot) Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair succeeded to break the wedge formation to the upside where a golden cross occurred between the 20 & 50 Moving averages. The market now is trading inside a bullish flag formation. A lower correction could be seen to the 598.20 USDT mark before a new impulsive wave toward the target profit.

Signal Idea:

Buy Limit Order @ 600.3

TP 1 @ 687.1

TP 2 @ 749.4

Stop Loss @ 571.6

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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