BCH/USD

Here is a daily chart BCH against USD

The price is struggling with the $200 level, but actually we made a new local low. The price holds below all three moving average and now it looks like we are going to fall further.

RSI is almost in the oversold area and MACD shows a divergence. For now, we have a probability to see some bounce closer to the 30-day moving average at least.

On the 4 hr scale, RSI has jumped out from the oversold area and at the same time, we can see MACD divergence. The situation reminds us of a try to catch a knife if we want to rely on the indicators.

Market depth shows 'Bids' advantage around 15% and it is around $1.7 mln in BCH case. The volume curve is climbing up and in general, it looks bullish.

Weekly MDR looks also more bullish than bearish. We can see a positive tendency of the demand and volume when the price is falling, so the picture is opposite what we see on the chart. The situation is pretty interesting, let's wait for some price action and then make our decisions.

Conclusions:

If you are bullish

Entry - $170 (a false breakout would be perfect), stop - $150 (or below the false breakout), take - $200, $250

If you are bearish

Entry - $260 (a false breakout), stop - (above the false breakout), take - $240, $210