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Technical Analysis for BCHUSDT for 17th November 2021

Bitcoin Cash Bear Breakout, BCHUSDT Set for $470?

Past Performance of BCH

From the daily chart, Bitcoin Cash bears are relentless.

The correction of the overvaluation of November 10 is sparking deep retracements as sellers press the liquidation pedal.

Based on this performance, the odds of BCHUSDT posting even more losses toward $540 or $470 are elevated.

What to Expect of BCH

Sellers are now retesting the multi-week support trend line.

Trading volumes are high, signaling determination among bears.

As such, a close below $570 might see BCHUSDT prices slide to $540 in confirmation of November 16 losses.

However, an unexpected revival lifting BCH above $650 and even $725 cancels the bear outlook.

Bitcoin Cash Technical Analysis

BCH sellers are in the driving seat following the engulfing bear candlestick of November 16.

Based on volume analysis, traders might look to swing the breakout, selling on pullbacks.

Accordingly, aggressive BCH traders may unload on every high within yesterday's wide-ranging bar targeting $540, especially if sellers clear November 16 lows of around $570.

The short-to-medium target for BCHUSDT traders is the 78.6 percent Fibonacci retracement level of the Q3 2021 trade range at $470.

Resistance level to watch: $650

Support level to watch: $570 and $540

Disclaimer: Opinions expressed are not investment advice. Do your research.

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