Welcome to this analysis about Bitcoin Cash, we are looking at the 6-hour timeframe perspective. The Cryptocurrency Market divergences increasing these times this is why there are currencies developing very bullish constellations while others are still in more neutral to bearish structures. These divergences between certain currencies are very important to assess to properly line up in the market because it is not the best option to elevate the market into one direction only, therefore it is necessary to distinguish the individual currencies. In Bitcoin Cash, I detected a very interesting formation that already moved into a breakout and has further potentials in the next times.
As when looking at my chart now we can watch there how Bitcoin Cash developed this massive double-bottom-formation with the neckline marked in blue. Recently Bitcoin Cash managed to form the breakout above the neckline and show up with some initial solid bullishness in the schedule. Now the next time it is likely that Bitcoin Cash pulls back to confirm the breakout in the neckline again as it is shown in my chart with the blue back-up-zone where several supports coming together. When Bitcoin Cash shows up with such a price-action and finally bounces to the upside from this zone it will be a good setup for the further continuations and approaches of the upside-targets marked in my chart at the orange level.
Thank you everybody for watching the analysis, great contentment for everybody supporting, all the best! "Good luck is when opportunity meets preparation."
Information provided is only educational and should not be used to take action in the market.