Hi Traders! We have a fantastic Bitcoin Cash buy opportunity forming at the moment. A detailed analysis of this setup is as follows:
Bitcoin Cash H4 Chart:
On the H4 chart after the powerful push to the upside the price is currently moving flat. We can consider this flat movement as the correction. This correction is happening inside a triangular pattern and the price after reaching the bottom of this pattern is currently moving higher. If you want to be aggressive you can join the bulls with the breakout at the top of this pattern. If you want to be more conservative then wait for the price to break above the top of the pattern and the most recent high. Once we get a valid breakout at the top of this triangular pattern and the most recent high, we may consider it as a confirmation for the bullish momentum and we can then join the bulls expecting the price to move higher further.
After the price reaches the top of this pattern if we didn’t get a valid breakout then we may expect the price to move lower towards the bottom of this pattern. So only after you get confirmations of bullish momentum join the bulls.
Note: It is always recommended to look for confirmations before you jump into any trade.
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