Bitcoin Cash BREAKOUT Imminent
Bitcoin Cash seems more and more ready to breakout to the upside, and as I have been pounding the table for the last few days, it's going to be a big one.
This consolidation range has been going on for almost two weeks, a massive descending triangle wedge pattern. We've tried to breakout several times, but each breakout was met with downward resistance (red arrows).
I always said this range could breakdown or breakup, either way.
AND they did try to bring the price down, with a break of the support level of 580 on August 29th. That was the crack, but it didn't last long. Buyers came in and pushed the price right back up into the triangle consolidation range. That was the BIG SIGN for me. That was THE TELL >>>
When price breaksdown or breaksout and THEN FAILS, that is a FAILED BREAKOUT. And those are some of our most powerful signals. Becuase it means, in this case, that the sellers tried their darndest to crash the price, but they ran out of steam.
Now we are BACK AT THE TIP of this triangle pattern, and all the moving averages are coming together. MOST IMPORTANTLY THE 200 MOVING AVERAGE is finally catching up to price. That is another BIG SIGNAL to watch. If price simultaneously breaks out of this range + breaks over 200 moving average, this thing is going to take off, and the last time it took off, it was a mad run. I would expect something similar.
Ladies and gentlemen, man your battle stations.
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!! PM me with any questions about my analysis !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.
This consolidation range has been going on for almost two weeks, a massive descending triangle wedge pattern. We've tried to breakout several times, but each breakout was met with downward resistance (red arrows).
I always said this range could breakdown or breakup, either way.
AND they did try to bring the price down, with a break of the support level of 580 on August 29th. That was the crack, but it didn't last long. Buyers came in and pushed the price right back up into the triangle consolidation range. That was the BIG SIGN for me. That was THE TELL >>>
When price breaksdown or breaksout and THEN FAILS, that is a FAILED BREAKOUT. And those are some of our most powerful signals. Becuase it means, in this case, that the sellers tried their darndest to crash the price, but they ran out of steam.
Now we are BACK AT THE TIP of this triangle pattern, and all the moving averages are coming together. MOST IMPORTANTLY THE 200 MOVING AVERAGE is finally catching up to price. That is another BIG SIGNAL to watch. If price simultaneously breaks out of this range + breaks over 200 moving average, this thing is going to take off, and the last time it took off, it was a mad run. I would expect something similar.
Ladies and gentlemen, man your battle stations.
-----------
!! PM me with any questions about my analysis !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.
Note
Seems to acting well. Breakout could happen in the next hour or two.Note
This breakout is IN ACTION. Good luck everyone.Trade closed: stop reached
Well a nice little run, and made a few bucks, and looked strong there for a moment, but couldn't hold on. will watch for new entries.
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Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
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.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
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.