The Bitcoin Cash market has slowly been recovering alongside BTC, lets take a look at the chart to get an idea of where we stand vs the Dollar.
We can see that the candles are making higher lows on the 4 hr candle chart.
This is a good place for the higher risk trader to get in on the action, stacking buy orders down into the $1260 support zone for quick gains on the way to $1300. Please note this is not advisable for the new trader, markets can change quickly.
The safer entry would be when markets consolidate above $1300 – $1360, providing we have good trading volume, this will be a good confirmation for the new bullish trend.
On the flip side should $1260 fail, we will most likely retest previous support at $1200 – $1000
Short term support is around $1200 and we have solid resistance above $1360, lets be patient while the bulls and the bears battle out.
Feel free to discuss this trade idea with me on Discord. Safe trades.
We can see that the candles are making higher lows on the 4 hr candle chart.
This is a good place for the higher risk trader to get in on the action, stacking buy orders down into the $1260 support zone for quick gains on the way to $1300. Please note this is not advisable for the new trader, markets can change quickly.
The safer entry would be when markets consolidate above $1300 – $1360, providing we have good trading volume, this will be a good confirmation for the new bullish trend.
On the flip side should $1260 fail, we will most likely retest previous support at $1200 – $1000
Short term support is around $1200 and we have solid resistance above $1360, lets be patient while the bulls and the bears battle out.
Feel free to discuss this trade idea with me on Discord. Safe trades.