04.07.2022
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Forex Analysis & Reviews: 23.06.2022

Relevance up to 12:00 UTC + 00

Exchange Rates 23.06.2022 analysis

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 is 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!

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert of InstaForex
© 2007-2022

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