Bitcoin Cash: Uptrend and How to Trade

I'm not a fan of Bitcoin Cash, but if you like it, this market review is for special for you.

The market made a good upward movement. We got a trend reversal signal based on the bullish divergence. The breakout above the local downtrend line could be used for buying. I wrote about this trade opportunity, and if you missed it, you should think about new trade opportunities.

The price reached the resistance zone formed by SMA200 and the main downtrend line. RSI reached the overbought zone. It will tell us that we should be ready to get a reversal from this zone and a good bearish signal from RSI.

If the price breaks the resistance zone, it will give a buy signal. But I would not use it as the market looks overbought. At least the breakout can be used for investing in a small part of the capital for the long term goals and as a part of the complicated buy idea. As I don't believe in this market, and for me, such type of trading is not possible. But for you - you should think.

The better buy opportunity will be based on a reversal from SMA100 or the local uptrend. These signals will come after a correction movement, and the market won't be overbought. It will be even better to wait for the situation when the market becomes oversold. It will provide more opportunities how to use this coin in your trading plan.

So, I shared with you my opinion! If you think in a different way, please share your ideas below the post. I will be grateful if you click the LIKE button and support my work! Thank you!