Trade Recommendation: Bitcoin Cash

BCH is looking to make a big move. The market has been on a downtrend for three months up to 2 weeks ago, but technical analysis reveals that the current up trend will continue. Bullish patterns are emerging. Breaking the 721 resistance on heavy volume attracted momentum traders and pushed prices up. Volume of 244 million USD validates the move. A buy order should be placed above 853 when the market meets volume requirements.

The breakout is now validated, and the market hit the initial resistance of 721. Now that this resistance broke, the next resistance is 853. A move above 853 should take the market to the target of 983.

Immediate support stands at 721, but the market may slide down to 643, a level that was once a resistance. Strong support can be found at 533.

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Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.