Long
Something Big is Going to Happen to Bitcoin Cash
Bitcoin Cash just completed a beautiful 5 wave impulse and is now priming for a new breakout. Bitcoin Cash formed a descending triangle, which could be a ABCDE correction. If that is the case, an explosion is imminent. Furthermore, the price action after breaking out of triangles is rarely stagnant; either it dumps or it explodes upwards.
However, the lower support line of the triangle is held up by massive whales stacking buy walls. If those whale decide to remove their the walls, the price could easily tank. So the strategy is to buy when the price breaks the resistance with VOLUME and sell when the price tanks below the support.
Another risk is the price action of Bitcoin. If Bitcoin tanks, then there will be no doubt that Bitcoin Cash tanks along with it. On the other hand, Bitcoin Cash could soar if Bitcoin either continues to trade sideways or goes up.
However, the lower support line of the triangle is held up by massive whales stacking buy walls. If those whale decide to remove their the walls, the price could easily tank. So the strategy is to buy when the price breaks the resistance with VOLUME and sell when the price tanks below the support.
Another risk is the price action of Bitcoin. If Bitcoin tanks, then there will be no doubt that Bitcoin Cash tanks along with it. On the other hand, Bitcoin Cash could soar if Bitcoin either continues to trade sideways or goes up.
Note
If you didn't get in, wait for a ABC correction.
Note
Extended 5th Wave!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.