Relevance up to 13:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Technical outlook:
Bitcoin Cash's price action remains subdued as compared to Bitcoin on Tuesday. The crypto is seen to be trading close to $120.00 at this point in writing and is expected to push through $210.00 in the near term. Bulls might want to hold prices above the $106.00 lows to keep the near-term structure intact.
Bitcoin Cash has been dropping since the $1,650 highs registered in May 2021 and might have carved a meaningful larger degree downswing towards $106.00. Also, note that the crypto has hit the Fibonacci 0.382 extension seen at 120.71 on the chart here. Until prices remain above $106.00, we can expect higher highs and higher lows to be carved.
Bitcoin is facing immediate resistance at $210.00, followed by $380.00, $800.00 and higher; while interim support is seen through the $106.00 level respectively. A break above $210.00 from here will confirm that bulls are back in control and that the potential trend might have reversed. Traders might prepare to hold long positions against $106.00.
Trading plan:
Potential rally towards $210.00 against $106.00
Good luck!
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