FX.co ★ Trading plan for Bitcoin Cash on June 22, 2022

Technical outlook:

Bitcoin Cash rallied through $123.50 on Tuesday before finding resistance and pulling back. The drop seems to be corrective and prices should remain well supported at around $110.00. Bulls will be poised to hold above $106.00 keeping the near-term wave structure intact. Watch out for a push above $123.50 for further acceleration.

Bitcoin Cash seems to have completed its corrective zigzag drop, which had begun at $1,650.00. Immediate price resistance is seen through $210.00 levels. A minimum push higher is now required to confirm that bulls are back in control and the potential trend has reversed. A break above the trend line resistance will be further encouraging to bulls.

Bitcoin Cash has already carved a lower degree upswing between $106.00 and $124.00 recently. Prices are pulling back at the time of writing and support is expected to come at around $110-111, which is the Fibonacci 0.618 retracement of the above rally (not shown). Watch out for a bullish bounce thereafter.

Trading plan:

Potential short-term drop to $110, then rally towards $210 against $106.

Good luck!