alanmasters

Bitcoin Cash (BCHM19) Fractal For 120% ROE on 10X Lev

BITMEX:BCHM19   None
We are looking at Bitcoin Cash (BCHM19) and can notice a similar pattern compared to its last bullish wave.

Easy to notice on the chart, we have two broadening falling wedges (purple dashed arrows) wherein both cases a low was hit followed by higher lows before a breakout.

There is no more volume for the bears and the RSI and MACD also support a move to the upside.

  • The MACD presents a bullish crossover, which also happened before the breakout on the last retrace.
  • The RSI 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.

Namaste.
Comment: MACD Downtrend line has been broken:

RSI Downtrend line has been broken:
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