$BCH
#bchusdt is up 22 today and trading near 263.9 after a strong rally from the 214.4 low
Price is now pushing into the 269.4 resistance area which is the first level that really matters here
The nearest support sits around 250 to 240
If that fails the next zones to watch are 220 and then 200
The structure looks like a strong recovery bounce for now and it could be breaking out of a longer term consolidation
Traders should watch whether price can hold above 250 and turn 270 into a breakout level because rejection there could still send it back into the 220 zone
On the upside a clean break above 270 could open room toward 300 and possibly 340 to 360 if momentum stays strong
Order book shows 49 percent longs and 50 percent shorts which is neutral
Volume is solid at 37 million USDT supporting the move
7 day gain is strong but 90 day and yearly trends are still down so treat this as a bounce until proven otherwise.
#bchusdt is up 22 today and trading near 263.9 after a strong rally from the 214.4 low
Price is now pushing into the 269.4 resistance area which is the first level that really matters here
The nearest support sits around 250 to 240
If that fails the next zones to watch are 220 and then 200
The structure looks like a strong recovery bounce for now and it could be breaking out of a longer term consolidation
Traders should watch whether price can hold above 250 and turn 270 into a breakout level because rejection there could still send it back into the 220 zone
On the upside a clean break above 270 could open room toward 300 and possibly 340 to 360 if momentum stays strong
Order book shows 49 percent longs and 50 percent shorts which is neutral
Volume is solid at 37 million USDT supporting the move
7 day gain is strong but 90 day and yearly trends are still down so treat this as a bounce until proven otherwise.