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BCHBTC has plotted a highly reliable bearish reversal signal on the hourly chart. Accordingly, the pair appears increasingly likely to test lower levels in the event of a breakdown below a nearby support zone.
BCHBTC has twice unsuccessfully attempted to break above the critical resistance around the 0.07500-mark over the past week. Each time the pair approached the area in the vicinity of that price ceiling, sellers entered the market to drive prices lower. This inability to cross the important price hurdle has raised serious question marks about the conviction of bulls to lift BCHBTC to higher levels.
Reinforcing the tepid outlook is a bearish divergence on the hourly Moving Average Convergence Divergence (MACD). Such divergences are marked by prices charting equal or higher price peaks, but the MACD failing to follow suit. A look at the 1-hour chart of BCHBTC reveals that 0.07000 represents immediate support below current levels, where buyers may decide to intervene.
In the event of the pair convincingly dipping below that key psychological level, prices could potentially slip further. As such, traders might consider executing short trades on an hourly close below 0.07000. Any break lower is likely to drive prices to the last major price trough around 0.06600.
BCHBTC Resistance: 0.07180/0.007480
BCHBTC Support: 0.07000/0.06600
Entry Point: 0.06920 BTC
First Target: 0.06650 BTC
Second Target: 0.06380 BTC
Stop Loss: 0.07180 BTC
Entry Point: 0.07180 BTC
First Target: 0.07450 BTC
Second Target: 0.07720 BTC
Stop Loss: 0.06950 BTC
- Absence of substantial volume in the event of a breach below 0.07000 could be a red flag