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Riding the wave: Bitcoin Cash breakout above resistance sparks long-term optimism

By: Invezz
BCH/USDT trading strategy
  • Buy/sell asset: Buy BCH/USDT
  • Entry price: $273
  • Stop loss: $254
  • Leverage: 1x
  • Take profit 1: $295
  • Take profit 2: $315
  • Take profit 3: $329
  • Timeframe: 1-2 weeks
  • Maximum profit: 20%
  • Maximum loss: 6%
BCH/USDT chart and technical analysis

The price of Bitcoin cash BCH/USDT closed above the previous high of $287 recently and created a strong support level of around $273. The price will likely retrace back to the $273 support level for correction after the recent rally.

The $273 is a good area for a potential long entry as the price has created an imbalance around the same area and it is also a good support level which will likely push the price upward.

I am considering the $273 support level for a potential long entry and my target for this trade is $329 daily supply level. The overall trend is bullish so is my bias on this coin.

Bitcoin Cash fundamental analysis

Fundamentally, the overall prospects look positive and there are no major high-impact fundamental events that could impact the price substantially.

The price is likely to follow the price action in the absence of major fundamental events.

Bitcoin Cash to Tether trade idea takeaways
  • The price of BCH/USDT is likely to surge further after retesting the $273 support level.
  • ┬áThe price is likely to reach the $329 supply level in the coming days.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio on this trade is 1:3.
  • The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck!

The post Riding the wave: Bitcoin Cash breakout above resistance sparks long-term optimism appeared first on Invezz

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