Let's analyze BCH on the daily chart! Let’s dive 🤿
1)BCH has formed a sideways inverse H&S pattern, which is known as a reversal pattern. The neckline of the inverse H&S pattern has been broken, confirming the pattern. The target price would be $600 per BitcoinCash 🚀
2)We also have the Double Bottom pattern, which forms this way: When some buyers purchase crypto at the bottom and push the price up to the Neckline, it gets rejected by sellers. After that, the price falls again to the same bottom line. Then, another group of buyers enters and buys at the bottom, pushing the price back up to the Neckline. If buying pressure is strong enough, the Neckline will get broken. Once the Neckline is broken, sellers become worried because the momentum is changing, creating an upward trend! Currently, we are in this situation 🚀
3)And lastly, a bullish scenario for BCH is that it has broken a one-month downward trend line. This is another confirmation that we are changing momentum 🚀
1)BCH has formed a sideways inverse H&S pattern, which is known as a reversal pattern. The neckline of the inverse H&S pattern has been broken, confirming the pattern. The target price would be $600 per BitcoinCash 🚀
2)We also have the Double Bottom pattern, which forms this way: When some buyers purchase crypto at the bottom and push the price up to the Neckline, it gets rejected by sellers. After that, the price falls again to the same bottom line. Then, another group of buyers enters and buys at the bottom, pushing the price back up to the Neckline. If buying pressure is strong enough, the Neckline will get broken. Once the Neckline is broken, sellers become worried because the momentum is changing, creating an upward trend! Currently, we are in this situation 🚀
3)And lastly, a bullish scenario for BCH is that it has broken a one-month downward trend line. This is another confirmation that we are changing momentum 🚀