Easy to notice on the chart, we have two broadening falling (purple dashed arrows) wherein both cases a low was hit followed by higher lows before a breakout.
There is no more for the bears and the and also support a move to the upside.
- The presents a crossover, which also happened before the breakout on the last retrace.
- The hit a low point and quickly bounced, which also happened before the breakout on the last retrace.
Now, there can be another drop but if you look at the set up above, it is likely that a break to the upside can happen.
Bitcoin Cash also tends to trade inverse to Bitcoin on many occasions, and this can turn out to be one of those.
This is not a piece of trade advice. If you use this chart to trade remember to use a stop loss and also know that this is very risky.
Want to see a full trade for Bitcoin Cash (BCHM19) with buy-in, targets, stop-loss, and additional information? Make sure to hit like.
If enough people hit like, I will share this full trade as I will know there is enough interest.
Thanks a lot for reading.
I hope you enjoyed the chart above.
RSI Downtrend line has been broken: