Long $BCH from here:
Entry: $200 - $202
Take Profit: from $220
BCH Has been dumping for the past 6 months, mainly because of FUD and the selling pressure in the market. However, the coin has found it's feet; cleared all low liquidities, reached a 2-year low, and moving average is attempting to flip bullish.
Also, the CME group launched Nasdaq CME Crypto Index Futures, which is cash-settled and BCH happens to be one of the Index constituents. This is some sort of bullish new for BCH and other coins included in the index.
BCH actually didn't break the falling wedge support nor the resistance, it simply traded in-between, which is an uncertainty for its direction. My bullish calls is on the coins previous patterns and the fact that selling pressure has been completely absorbed, from here on, it should be upwards movement only.
The $200 support has been held tightly by bulls, while the sellers are still heavy on $210. I forsee the $210 resistance being broken than the $200 support.
Short term, I expect a reclaim of $220, then a push to the $250 region, where there's more resistance to defeat. If BCH clears $250, it'd return back to it's 'normal' 300+ price range and we could see a sharp run to $500+ if the BTC doesn't come crashing again.
