Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in Bitcoin Cash.
Trend Analysis
The main view of this trade idea is on the 2-Hour chart. The cryptocurrency is in an upward trend channel, with the lows around the 386 and 488 price levels. Also based on a market profile, Bitcoin Cash is currently trading within a confluence or support/resistance zone, which would indicate some level of consolidation and choppiness.
Technical Indicators
Bitcoin Cash recently crossed above its short (25-SMA), medium (75-SMA) and fractal moving averages as it held the lower support trend channel. The RSI also crossed around the same time that support was held. Moreover, the KST confirmed the bullish move with a positive crossover.
Recommendation
The recommendation will be to go long at market. At the time of publishing Bitcoin Cash is trading around 531.75. The medium-term target price is observed around the 650 price level, which is the bottom at the confluence zone while a stop loss should be set around the 490 price level. This produces a risk-reward ratio of 2.83.
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in Bitcoin Cash.
Trend Analysis
The main view of this trade idea is on the 2-Hour chart. The cryptocurrency is in an upward trend channel, with the lows around the 386 and 488 price levels. Also based on a market profile, Bitcoin Cash is currently trading within a confluence or support/resistance zone, which would indicate some level of consolidation and choppiness.
Technical Indicators
Bitcoin Cash recently crossed above its short (25-SMA), medium (75-SMA) and fractal moving averages as it held the lower support trend channel. The RSI also crossed around the same time that support was held. Moreover, the KST confirmed the bullish move with a positive crossover.
Recommendation
The recommendation will be to go long at market. At the time of publishing Bitcoin Cash is trading around 531.75. The medium-term target price is observed around the 650 price level, which is the bottom at the confluence zone while a stop loss should be set around the 490 price level. This produces a risk-reward ratio of 2.83.
Trade closed: stop reached:
Stopped out at the 490 price level. Monitoring for new position.