Here is a daily chart BCH against USD
The price still holds below all three moving averages and now it looks like a retest them or collecting stop losses. Volume is lower than usual, so it is early to say the correction is ended. But if we take a look at MACD, it shows a divergence, plus RSI is jumping out from the oversold area, so to catch that roll back hoping it is the over of the correction is not so a bad idea.
On the 4 hr scale, the situation is a little bit different and here RSI is about to get the overbought area, MACD is above the zero. Even so, it looks more bullish than bearish.
Market depth shows strong bullish picture. We have 'Bids' advantage, plus volume and the price have a positive rising tendency.
Weekly MDR also is 'green' but here the demand tendency is negative but it still looks bullish. 5% Advantage (about $1 million in BCH case) is not so huge to count it is clear bullish scenario.
If you are bullish
Entry - $230 area, stop - $207$, take - $270-$280 area.
If you are bearish
Entry - $280 (a false breakout), stop - $306 (above the false breakout), take - $240 area.
The second option is to try to catch a false breakout from a short-term perspective.
Entry - $230, stop - $238, take - $220