Trade Recommendation: Bitcoin Cash

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The trading idea is based on a volatility breakout. Now the price moves in narrow range between 1250.00 and 1130.00 levels. MACD lines stay at the signal level and it’s an additional confirmation of range market conditions. We should be ready to see a breakout above or below the borders. It will give us a new trading opportunity. As we can make profit only from buying, we should place pending orders above 1250.00 resistance level. Entry level is 1260.00 with stop at 1120.00 level. Profit targets are 1400.00 and 1600.00 levels. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: BCCUSD
Buy: 1260.00
Stop: 1120.00
Profit Targets: 1400.00 and 1600.00

Bitcoin cash (BCH) resumed its uptrend Friday following a sudden spike in South Korean trade volumes. Recent activity in the Asian country suggests that the bitcoin alternative could gain more exposure in the short term.

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BCH/USD Price Levels
The BCH/USD exchange rate surged above $1,750 on Thursady, where it was still some $800 shy of the all-time high. Prices would later consolidate below $1,700 as markets paced the gains. At press time, BCH/USD was up 6.6% at $1,662.

About the author

Michael Williamson

Michael Williamson is a content marketer who formerly worked out of Unbounced's Montreal office. A writer by day and a reader by night, he is loathe to discuss himself in the third persona, but can be persuaded to do so from time to time.

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