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 rallied through $123.50 on Tuesday before finding resistance and pulling back. The drop seems to be corrective and prices should remain well supported at around $110.00. Bulls will be poised to hold above $106.00 keeping the near-term wave structure intact. Watch out for a push above $123.50 for further acceleration.
Bitcoin Cash seems to have completed its corrective zigzag drop, which had begun at $1,650.00. Immediate price resistance is seen through $210.00 levels. A minimum push higher is now required to confirm that bulls are back in control and the potential trend has reversed. A break above the trend line resistance will be further encouraging to bulls.
Bitcoin Cash has already carved a lower degree upswing between $106.00 and $124.00 recently. Prices are pulling back at the time of writing and support is expected to come at around $110-111, which is the Fibonacci 0.618 retracement of the above rally (not shown). Watch out for a bullish bounce thereafter.
Trading plan:
Potential short-term drop to $110, then rally towards $210 against $106.
Good luck!
