Bitcoin Cash Flag Pattern

The 1H chart of Bitcoin Cash gives us a trading opportunity. We can see price consolidation near the uptrend line. Also we can draw a flag pattern which is a continuation chart pattern and it tells us about further downward movement, if the price breaks the signal line. But we have to search for an entry level for buying only. Based on the flag we can spot such level. Pending orders for buy should be placed above the resistance line of the flag. It's 455.00 level. If the price moves above this level, the flag won't be realized as a continuation pattern. It will be a strong signal for further upward movement. We'll be able to catch such movement. Just don't forget to place stop orders at 428.00 level. Profit targets are 485.00 and 540.00 levels. If the price drops below the cloud and 430.00 support level, it will be better to delete pending orders and wait for a new trading signal.

Comment:

The price broke the uptrend line and dropped to 430.00 support level. The buy orders were not activated and it will be better to delete them and wait for a new trading signal.

Comment:

The market confirmed the flag as a continuation chart pattern. The next support levels are 420.00 and 400.00. Watch for price action at these zones.