- The pair of BCH/BTC trading in the falling wedge pattern and no room left as the pattern is about to complete
- The pair of BCH/BTC is trading at 0.01362902 BTC with intraday loss of -2.06%
Over the weekly chart, BCH/BTC trading in the falling wedge pattern, currently standing at 0.01362902 BTC. The chart is indicating a bearish pattern. However, a positive breakout is expected in the coming trading sessions. It is trading above the resistance, and pair is more likely to confirm further uptrend by breaking out from here. The target of this pattern is 0.05558 BTC can be seen in the coming trading sessions. For this, the near future BCH will need to close the gap made in November 2018 and be another target where most traders will be eyeing. The targets on the higher side can be considered of $0.04065, $0.05565 and $0.06782. The support that should keep in mind of $0.01300, while resistance can be considered $0.02800.
The Breakout could be expected within a few weeks. The Relative Strength Index (RSI) indicates this pair’s strength, which is trading at 28.43, and heading towards an oversold zone that can now be considered the buying opportunity.
Moving Average Convergence Divergence (MACD) currently indicates the bullish trend on the weekly chart, and heading for a positive crossover as Bull’s line (yellow) is moving closer to Bear’s line (black).
EMA-20 is still acting as resistance and currently not having a sign of crossing it, but a quick move is expected in the coming trading sessions.
Support levels: $0.01300
Resistance levels: $0.02800