Long
BItcoin Cash FLAG / Pennant Pattern
ON the 60 minute chart of Bitcoin Cash we see a long consolidation pennant / flag pattern coming to a head.
The 200 day moving average is sloping up, and the closer it gets, the more pressure we get for a bounce. Remember, stocks like to bounce off of moving averages.
If price can pierce and traverse the Ichimoku Cloud , then we could get a really big run here.
The longer the consolidations, the bigger the runs and more violent the breakouts, and this has been consolidating since that massive shred on the 19th of August.
ENTRY: .17 Breakout of flag pattern and break through cloud
STOP: .15 under Flag pattern
Target: .20 round number after 25% gain
The 200 day moving average is sloping up, and the closer it gets, the more pressure we get for a bounce. Remember, stocks like to bounce off of moving averages.
If price can pierce and traverse the Ichimoku Cloud , then we could get a really big run here.
The longer the consolidations, the bigger the runs and more violent the breakouts, and this has been consolidating since that massive shred on the 19th of August.
ENTRY: .17 Breakout of flag pattern and break through cloud
STOP: .15 under Flag pattern
Target: .20 round number after 25% gain
Note
Right now, it seems like the penant is breaking to the downside. Be true to your STOPS. Money from Bitcoin Cash might flow into Bitcoin and help that to continue it's climb to 5000.
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tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.