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!
