Long
Bitcoin Cash Long Setup
Timeframe: 30M
Main Scenario: The rate should increase further after the aggressive breakout above the 50% line and after the failure to reach and retest the lower median line.
Alternative Scenario: Only a false breakout above the 50% line and a failure to approach and reach the median line could send the rate down again. A valid breakdown from the ascending pitchfork's body will invalidate a further increase.
Entry/Stop Loss/ Take Profit: You can go long after a valid breakout above the downside 50% Fibonacci line, from 724.1 level. The Stop Loss could be placed at 703.1 level and the Take Profit below the upper median line, at 776.3 level.
Duration: 1-2 days
Consolidation/Ratification level: You can move the Stop Loss above the opening price if the rate will make a valid breakout above the median line.
Warning Level: A false breakout above the downside 50% line could invalidate the potential upside movement.
Risk Management: The BCH could increase by 7.33% in the upcoming hours if our scenario will be confirmed. Risk/Reward Ratio: 2.14.
Main Scenario: The rate should increase further after the aggressive breakout above the 50% line and after the failure to reach and retest the lower median line.
Alternative Scenario: Only a false breakout above the 50% line and a failure to approach and reach the median line could send the rate down again. A valid breakdown from the ascending pitchfork's body will invalidate a further increase.
Entry/Stop Loss/ Take Profit: You can go long after a valid breakout above the downside 50% Fibonacci line, from 724.1 level. The Stop Loss could be placed at 703.1 level and the Take Profit below the upper median line, at 776.3 level.
Duration: 1-2 days
Consolidation/Ratification level: You can move the Stop Loss above the opening price if the rate will make a valid breakout above the median line.
Warning Level: A false breakout above the downside 50% line could invalidate the potential upside movement.
Risk Management: The BCH could increase by 7.33% in the upcoming hours if our scenario will be confirmed. Risk/Reward Ratio: 2.14.
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