- Bears have taken over BCH/USD and are looking to test the support at $108.
- The bulls will need to hit back and break past the two levels of resistance at $111 and $116.
The BCH/USD market has been taken over by the bears for the last five days losing 19% of its value in the process. The $108 support line is extremely crucial right now. While the bears are trying to break past it, the bulls will need to defend it with everything that they have. The confluence detector shows that there are two strong resistance levels at $111 and $116.
BCH/USD daily Confluence Detector
The confluence detector shows two lines of support that the bulls will have to defend to prevent further downtrend. The first support band lies at $108 which sees the confluence of the lower level of the daily Bollinger band and the weekly pivot point. The second support level lies at $107 which is marked by the weekly pivot point.
The two levels of resistance which the buyers will need to break through lie at $111 and $116. The $111 resistance line has a mix of the 23.6% Fibonacci retracement level daily and the middle level of the hourly Bollinger band. The $116 resistance sees a confluence of the previous week low and the 10-day simple moving average curve.
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