Technical Analysis for BCHUSD for 9th November 2021
Bitcoin Cash in a Rising Wedge, Resistance at $665
Past Performance of BCH
There are hints of strength, reading from price performance in the daily chart.
The higher highs and rejection of lower prices place buyers in a better position to reclaim and even print above $665 in upcoming sessions.
What to Expect of BCH
BCH/USDT buyers are solid in the short term, judging from the events in the daily chart.
Specifically, prices are inside a wedge with resistance at $660 and support at around $575.
Although BCH buyers may load the dip in anticipation of $660, the bullish breakout must have high trading volumes.
This would mark the end of the bear run of September and signal the beginning of a leg up back to $800.
Bitcoin Cash Technical Analysis
BCH candlestick arrangement favors buyers in the short-term and sellers in the medium term from a top-down analysis.
Notably, BCH prices are capped at the $665 resistance line—the 38.2 percent Fibonacci retracement level of the September 2021 trade range.
This nonetheless is at the back of encouraging higher highs in the past few days.
Out of this, risk-off BCH traders may load the dip above $575, targeting $665 in a buy trend continuation pattern. Further gains may lift BCH/USDT further to $800—the 2021 highs.
On the flip side, losses below the immediate support at $575 may force BCH/USDT back below the wedge to October 27 lows of around $540.
Resistance level to watch: $665
Support level to watch: $575
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