Initiating Long Position on $BCH Upon Breakout Confirmation! 🚀📈
On the 1h timeframe, $BCH is currently trading at $375.4, showing a positive movement of +3.08%. The 24h high is $378.0, with a substantial trading volume of 75.463K BCH and 27.80M USDT. A long position is being considered upon confirmation of a breakout above the immediate resistance.
✅ Key Observation:
#BCH is showing signs of bullish momentum, approaching a key resistance level that, if broken, could trigger a long entry.
Potential Entry Point (for long position upon breakout):
🎯 Above $376.6 (immediate resistance level)
Initial Targets (Short-term bullish after breakout):
🎯 $378.0 (24h high - first potential target)
🎯 $380.0 (potential next psychological resistance level)
🎯 $384.0 (potential further resistance level)
🛡️Key Support Level (Stop Loss consideration for long position):
🛡️ $372.0 (near-term support - consider placing stop loss below this)
🛑 Stop Loss (Initial recommendation for long position):
Consider an initial stop loss below the $372.0 support, perhaps around $370.0, to limit potential losses if the breakout fails.
📈 **Potential Price Path for Long Trade (After Breakout):**
#BCH is currently testing the $376.6 resistance level. Upon a confirmed breakout above this level with good volume, a long position aims for the $378.0 and $380.0 targets, with potential to extend towards $384.0. Closely monitor the volume and price action for a clear break above the resistance before initiating the long trade. Manage risk appropriately by setting a stop loss.
Trade responsibly on $BCH