BCH market analysis today:
1. K-line pattern:
The current price of BCH is 372.3 USDT, showing a fluctuating upward trend. The lower support level is 360 USDT, while the upper main resistance level is 390 USDT. The price has tested the upper resistance level of 390 USDT many times, but failed to break through successfully, indicating that there is strong selling pressure in this area.
If the price can break through 390 USDT, it may rise further to 420 USDT, or even reach 450 USDT; if it fails to break through, the price may pull back to 360 USDT, or even fall further to the support level of 340 USDT.
2. Technical indicators:
MACD: The MACD fast line is above the zero axis, indicating that the market is still under the control of bulls. If the fast and slow lines continue to diverge, the price is expected to rise further; if the two lines gradually converge, there may be a risk of a pullback.
RSI: The current RSI is 65, indicating that the market sentiment is positive, but close to the overbought area. If the RSI breaks through 70, the market may face short-term pullback pressure.
EMA: The short-term EMA7 (370 USDT) is higher than the EMA30 (365 USDT), indicating that the short-term market trend is positive, but the EMA120 forms a strong resistance at 390 USDT, and it is necessary to focus on the breakthrough of this point.
3. Volume:
The volume has increased slightly during the recent rise, indicating that the buying power has increased. If the volume increases when the price breaks through 390 USDT in the future, it may push the price up further.
Operation suggestions:
Long:
Entry point: You can enter the market to go long when the price pulls back to 360 USDT.
Target profit: The first stop profit is set at 390 USDT, the second stop profit is set at 420 USDT, and the further target can be set at 450 USDT.
Stop loss point: The stop loss is set below 340 USDT to prevent the price from falling below the key support area.
Short:
Entry point: If the price encounters resistance at 390 USDT and fails to break through, you can go short in this area.
Target profit: The first stop profit is set at 360 USDT, and the second stop profit is set at 340 USDT.
Stop loss point: The stop loss can be set above 400 USDT to prevent the price from breaking through the resistance level.
