There is a way to go for the BCH/USDT pair to find longer-term upside bias. A new month has started, and it signals the new Monthly Pivot Range levels. Taking a look at the daily chart of the digital currency, the value of Bitcoin Cash (BCH) against the US dollar is well beneath the new Monthly Pivot high which is where the bearish trend would turn bullish with a close above.
Monthly Pivot Range
Keep an eye on the Monthly Pivot Range high until the end of this month as the major level for a change bearishness to bullishness. The cautious thing you should do is to wait a close above the high of the present Monthly Pivot Range before entering with a buy position for a long-term trade.
Bitcoin Cash Price Today: Current Price of BCH
You may miss out on possible gains from the present levels if you had gone long-term here, but it’s much riskier for a long-term trade to purchase and hold to profit targets.
Potential Trades on Shorter Timeframes
There are also potential trades on shorter timeframes that you can look out for in other recommendations within these marks for the BCH/USDT as well as other pairs, so you need to be on the watch for these. The short-term support is the Three Day and Six Day Rolling Pivot Ranges and the Pivot Stack of the Weekly Pivot Range.
What you need to do is to enter the market with a buy on a close over the $1360 mark. Place your stop loss beneath the low of the Monthly Pivot Range and the profit as stated.
Your entry level should be $1360 and the stop loss target is $1,117. For the profit targets: the first profit target is $1,805, while the second profit target is $2,325. Once the value of the coin gets to the first profit target, raise the stop loss to breakeven.