$BCH spiked to a 17-day high at 294.9, then got pushed back to the ceiling. Real breakout or bull trap? 🪤
Structure (4H):
• Ceiling: 289 to 291, capped price since Oct 11
• Today's wick: 294.9, the highest print in 17 days
• Price 288.4, back just under the ceiling
• Higher lows: 268 → 270.4 → 273.9. Above EMA 20 (280.8) and EMA 50 (279.8)
• +3.5% today, RSI 63
The next candle close matters. Closing back above 291 confirms the breakout. Failing here leaves a long upper wick, which often signals sellers.
Levels for $BCH :
🟢 4H close above 291 → breakout confirmed, 300 round number next
🔴 Lose 285 → trap confirmed, 280 (EMA zone) next
Trap or breakout for $BCH ? 👇
NFA
#BitcoinCash #Altcoins #TechnicalAnalysis
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Structure (4H):
• Ceiling: 289 to 291, capped price since Oct 11
• Today's wick: 294.9, the highest print in 17 days
• Price 288.4, back just under the ceiling
• Higher lows: 268 → 270.4 → 273.9. Above EMA 20 (280.8) and EMA 50 (279.8)
• +3.5% today, RSI 63
The next candle close matters. Closing back above 291 confirms the breakout. Failing here leaves a long upper wick, which often signals sellers.
Levels for $BCH :
🟢 4H close above 291 → breakout confirmed, 300 round number next
🔴 Lose 285 → trap confirmed, 280 (EMA zone) next
Trap or breakout for $BCH ? 👇
NFA
#BitcoinCash #Altcoins #TechnicalAnalysis
No Binance account yet? Get 20% of your trading fees back 👉 Sign up on Binance
