Long
Bitcoin Cash | Good Breakout. Continuation? [BCHBTC]
Bitcoin Cash just had a breakout with really good volume.
If support above the first resistance and the MA can be established, I'd say that continuation is very likely. The move is supported by bullish divergence on the Daily RSI.
It's a very tricky situation right now, because Bitcoin seems to be bearish and Altcoins usually follow.
I'd say its possible that we see some sort of de-correlation in the near term.
Altcoins are springloaded, every time BTC makes a tiny little move to the upside, we see massive gains on different Alts.
In the past, BCH was sometimes seen as a hedge against BTC. We might get some of that sentiment back if BCH manages to push up even higher.
As always, never FOMO into trades. Wait for consolidation pattern before you enter a position.
My final take profit zone would be around 0.13 and 0.14, if BCH managed to get through the previous resistances.
If support above the first resistance and the MA can be established, I'd say that continuation is very likely. The move is supported by bullish divergence on the Daily RSI.
It's a very tricky situation right now, because Bitcoin seems to be bearish and Altcoins usually follow.
I'd say its possible that we see some sort of de-correlation in the near term.
Altcoins are springloaded, every time BTC makes a tiny little move to the upside, we see massive gains on different Alts.
In the past, BCH was sometimes seen as a hedge against BTC. We might get some of that sentiment back if BCH manages to push up even higher.
As always, never FOMO into trades. Wait for consolidation pattern before you enter a position.
My final take profit zone would be around 0.13 and 0.14, if BCH managed to get through the previous resistances.
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