Technical outlook:
Bitcoin Cash has remained sideways in the past few trading sessions testing recent swing lows at around the $111.00 mark. The crypto is now beginning to rally through the $210 mark. A push above $125.00 will confirm and accelerate further. The token is seen to be trading close to $116.00 and is expected to break above $125.00 in the near term.
Bitcoin Cash has been dropping since May 12, 2021, after printing all-time highs at around $1,650. The drop between $1,650 and $106 seems to be corrective, which unfolded as a zigzag (5-3-5) pattern and is now complete. A break above the initial resistance at around $210 will further ensure that bulls are back in control and the trend has reversed.
Bitcoin Cash has also carved a lower degree upswing between $106.00 and $125.00, which has been retraced lower through $111.00 last week. Bulls are now looking inclined to hold process above $111.00 and broadly above $106.00 keeping the momentum intact. Traders might be preparing to hold long positions for now.
Trading plan:
Potential rally through $210 against $106
Good luck!
