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!
