Bitcoin Cash has broken below the trendline and is now finding it as resistance sitting on important support. A breakdown from this level could see us revisit the $500 level quickly with the overall target set near $460 on a Bitcoin collapse back down to $6200.
MACD continues to trend lower while RSI broke below support but is heading back up to restest the breakout, which could end up being the ideal spot where price could head back lower and RSI return to the bottom for the range.
A possible short trade would be to wait for the demand zone to break then take a short position on a retest and fail to break back above the S/R flip zone. Stops would be set above the retest of the trendline SFP and targets are outlined on the chart.
Thanks guys
MACD continues to trend lower while RSI broke below support but is heading back up to restest the breakout, which could end up being the ideal spot where price could head back lower and RSI return to the bottom for the range.
A possible short trade would be to wait for the demand zone to break then take a short position on a retest and fail to break back above the S/R flip zone. Stops would be set above the retest of the trendline SFP and targets are outlined on the chart.
Thanks guys