Technical outlook:
Bitcoin Cash dropped through the $107.00 lows in the early hours on Tuesday, inching closer to interim support at around the $106.00 levels. The crypto is seen to be trading close to $111.00 at this point in writing and is expected to resume its rally soon towards the $210 initial resistance marked on the daily chart. The bottom line is that prices should stay above $106.00.
Bitcoin Cash has also cropped between $1,650 and $106, carving a meaningful larger degree downswing. The drop looks like a corrective zigzag (5-3-5) pattern and might be complete at 106.00. A break lower could drag further towards $63.00 before finding support again. As long as 106.00 is in place, bulls can come back strong from current levels.
Bitcoin Cash has carved a lower degree upswing between $106.00 and $125.00 recently. Prices seem to have retraced from the above upswing and bulls might be preparing to resume higher towards $210. Traders might remain inclined to hold long positions for now against the $106.00 interim support.
Trading plan:
Potential rally through $210 against $106
Good luck!The material has been provided by InstaForex Company - www.instaforex.com
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