TradeCityPro | BCHUSDT Final Analysis of 2024👋 Welcome to TradeCityPro Channel!
Welcome to the last analysis of 2024! The Trade City Pro team is very happy to have been with you this year and, at your request, has resumed its activity on TradingView. Our first analysis dates back to 2021 on this platform. :)
🌐 Overview Bitcoin
Now let’s analyze Bitcoin Cash (BCH) together in the final hours of this year. But remember, tomorrow is the most holiday-packed day of the year, with about 60% of the world’s population enjoying their break, which means trading activity is expected to be low.
Before starting the analysis, as always, let’s take a quick look at Bitcoin. On the 1-hour timeframe, it has rejected resistance, and the RSI failed to enter overbought territory, returning to the 91830–95753 box. It’s likely that Bitcoin will range within this box tomorrow.
Alongside this rejection, Bitcoin dominance has been trending upwards, causing altcoins to experience deeper red candles on the last day of the year.
📊 Weekly Timeframe
On the weekly timeframe, BCH is one of those coins that is still bullish. It recorded higher lows in both 2023 and 2024 and has shown good performance. The $94.8–$138.2 range corresponds to Bitcoin’s $16k zone.
If you bought from lower levels, it’s reasonable not to make any moves for now and continue holding your position. You can consider withdrawing your initial capital and exiting below $302.4 if a weekly candle closes there.
Personally, I’m not entering this coin right now, but the $689.5 trigger on the weekly timeframe is a key level. After breaking this, BCH is likely to enter the overbought zone with higher volume. Therefore, taking risks and buying at $302.4 or $424.2 could be logical.
📈 Daily Timeframe
On the daily timeframe, after breaking through the daily resistance box at $369.8, which gradually lowered its resistance, BCH started its upward move and was rejected at $623.4, leading to the key support level of $432.0.
This support is very important as it can change the corrective momentum and enable BCH to test the highs again. If it breaks, BCH could drop to $369.8.
During the uptrend and box breakout, volume increased, which is a good sign. However, volume decreased during the decline, which is also positive. Still, today’s daily candle shows significant volume with an upper shadow, increasing the likelihood of further downside.
⏱ 4-Hour Timeframe
On the 4-hour timeframe, we see that volume is at its lowest, and trading activity is minimal. If you’re trading, open positions with lower risk.
At the $622.1 level, a fake breakout occurred. This is a trader-trapping strategy where, after faking a support or resistance, we look for the first breakout trigger on lower timeframes and open a risky position, as fake breakouts can sometimes reverse trends.
📈 Long Position Trigger
since BCH is at a relatively higher level than most altcoins, we can open one after breaking $453.6, but with a small stop-loss and quick profit-taking.
📉 Short Position Trigger
BCH is at critical support, and after breaking $431.2, there’s no significant support until $383.3, making it possible to open a short position. Just remember that market volume is very low, so trade with reduced risk and exit promptly when necessary. I’ll indicate whether to use a larger stop-loss like last month’s uptrend or not when it’s required.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
