Trade Recommendation: Bitcoin Cash

The price is going to move above SMA20. Based on a new swing low we can draw a new uptrend line. This line will be a good support for the market. We should be ready to see further upward movement. RSI confirms price reversal and MACD histogram confirms that the market probably will rise to the previous high. We can use a breakout signal and pending orders placing above the bullish candle in order to catch possible price movement on time. Entry level is 2800.00 with stop orders at 1960.00 level. The main profit target is 4000.00 resistance level. The 2nd profit target can be at 4500.00 level. The profit target for long term trading can be 0.00018000 level.  If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Buy: 2800.00
Stop: 1960.00
Profit Targets: 4000.00 and 4500.00

The trading signal is based on Bittrex chart.
Disclaimer: The analyst does not have investments in Bitcoin Cash.

Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.