Ahoy traders! Today I'm sharing my analysis on Bitcoin Cash and before we can start I just want you to know that when I see a good trade with good upside potential, I simply trade it. I do not support bitcoin cash and if you did read my last report on Bitcoin Cash you can still see that there is still money made out of it.
Trading Information
Bitcoin Cash is back to the attractive lows and upside potential is really good!
The Market is starting to form a Bullish Divergence which indicates a possible bullish reversal. Bitcoin cash needs to break above $904 to show a bullish confirmation and needs to break $1231 to show a bullish breakout (Daily pivot level).
Volume expanding and breaking upwards from the UPPER trendline of a FALLING WEDGE pattern are signals that are showing strength and gives reliance to the bullish divergence.
In other hand it's good to keep in mind that there are still potential to move downside and if the current support doesn't hold then I'd be watching for the previous lows' support area that can be found in between $581 - $665.
Conclusion
If you are considering buying at these levels in a longer term, then it's better to start accumulating slowly and start taking minor positions over time. But if you are wanting to buy lower or looking to buy from the signals, then it's better to wait than regret later.
Do you have some questions about this trade or the current state of markets? Feel free to ask down below and I’m more than happy to answer to them!
DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
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