BCH/BTC Price Analysis: Daily upside extension in the making
- BCH/BTC is on the verge of a bullish extension on the daily time frame.
- Bulls seeking a break of near term resistance for conviction.
The bulls have stepped back into the ring, stopping the bears in their tracks following a swift and sharp downside correction.
The following illustrates where the next daily swing-trading opportunity could come about following a break and retest of the 4-hour structure.
Daily chart
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The price has completed a 50% mean reversion and would now be expected to hold the support following the deceleration of the sharp correction at the neckline of the extended W-formation.
4-hour chart
The bulls will need to get above the 4-hour resistance and 21-moving average which would pull MACD above zero and create a bullish environment accordingly.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
