Bitcoin Cash cryptocurrency can be expected to correct up toward the next resistance level 240.00 (former support from September).
- Bitcoin Cash reversed from support zone
- Likely to correct up to resistance level 240.00
Bitcoin Cash cryptocurrency recently reversed up from the support zone between the support level 215.00 (which has been reversing the price from July, as can be seen from the daily Bitcoin Cash chart below), support trendline of the daily down channel from September and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer, which stopped the earlier short-term impulse wave (iii) – which belongs to the minor impulse wave iii from the end of October.
Given the strength of the support zone and the oversold daily Stochastic, which can trigger a short-term upward correction despite the extreme fear across the crypto markets today amid heavy outflows from US spot Bitcoin ETFs, Bitcoin Cash cryptocurrency can be expected to correct up toward the next resistance level 240.00 (former support from September).