Is Bitcoin Cash FINALLY BREAKING OUT?

We have had a lot of false breakouts on Bitcoin Cash. But this pattern is very clean for once.

I've been taking profits early and keeping my stops tight.

But this channel that has been going on since mid August has finally broken out to the upside. It's a good sign. If we can consolidate and continue going up then it's for real. But so far, every breakout has failed at its first pause.

Entry: above 600 breakout level
Stop: Below 600 breakout level, around 585
Target 1: 700 (round number as well as 161.8% Fib retracement)
Target 2: 770 (congestion area from previous highs and 200% retracement level)

--------

!! PM me with any trading questions !!

MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.

评论:

We'll see how this plays out. If it consolidates here, and moves higher. But could easily be a false breakout once again. More likely that it repeats it's old habits than growing a new one. It will one day, but we'll have to see if this is the time.