Relevance up to 14:00 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 grew above $117.00 intraday on Thursday after finding support at around $112.00 on Wednesday. The crypto is seen to be trading close to $116.00 at this point in writing and is expected to resume higher towards $210.00 in the near term. Bulls will be poised to hold prices above $106.00.
Bitcoin Cash seems to have completed its larger degree corrective drop, which had begun from $165.00 earlier. The 5-3-5 zigzag structure terminated at around $106.00 recently before bouncing back. If the above structure holds well, prices will stay above $106.00 going forward and will push through the $210.00 initial resistance.
Bitcoin Cash has alco carved a lower degree upswing between $106.00 and $124.00 recently. Prices have already retraced the above upswing and found support at around $112.00 which is close to the Fibonacci 0.618 level (not shown here). Bulls will be poised to come back in control from here on.
Trading plan:
Potential rally through $210 against $106.00
Good luck!
