If you believe in Bitcoin Cash, go long at $415.
Updated
I've outlined all of the support and resistances on the chart. It's moving sideways between the green and red lines, and with the MACD diverging I personally think that $415 is a good price to go long. However, the sideways movement may also act as a continuation pattern to a move lower, at which case we can expect the price to move down to the next support. If your bullish for bitcoin cash over the long run and believe it will clear out every resistance we have at some point then the risk/reward at $415 is favorable. Until a break out, you may be able to swing trade between green and red lines. If you are a contrarian $415 does not have a good enough risk/reward for a short. The MACD suggests that this may be the bottom. Me personally however, I wouldn't take a long position just yet. If I were to buy Bitcoin cash, I would aim to swing trade between the green/red until a break out then go long if it appears to want to continue going up.
Note
due to the flash crash we are seeing red across the board and it broke the $415 support. The green buy zone is our next opportunity for a long position in bitcoin cash, but even then we need to wait for the market to stabilize before making any long positions.
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