Technical outlook:
Bitcoin Cash rose through $121.00 highs intraday on Friday, falling in line with projections made early this week. The crypto bounced from a potential support zone around $110-111 on Thursday and is now looking to push through the $210 mark in the near term. Bulls will have to hold prices above $106 to keep the near-term structure constructive.
Bitcoin Cash has been dropping since May 2021 after printing highs around $1,650. The corrective zigzag might have terminated around the $106 mark recently before pulling back. If the above-proposed structure holds well, bulls are expected to be back in control and push through $210 initial resistance. It would further confirm that bulls are going to remain in control going forward.
Bitcoin Cash has carved a lower degree upswing between $106 and $125 in the past few trading sessions. Furthermore, the crypto has carved a higher low around the $111 mark. If the above holds well, the next leg will be higher above $125 and attempt a break above $210. Traders might be preparing to hold long positions from here.
Trading plan:
Potential rally through $210 against $106
Good luck!
