• Bitcoin Cash reversed from support area
• Likely to reach resistance level 565.00
Bitcoin Cash recently reversed up from the support area lying between the key support level 450.00 (which has been reversing the price from the end of February), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp upward impulse wave 1 from the middle of November. The upward reversal from this support area continues the active intermediate upward impulse wave (3) from the end of February.
Given the improvement in risk sentiment across the crypto currency markets seen today – Bitcoin Cash is likely to rise further in the active impulse wave (3) toward the next round resistance level 565.00 (which reversed the price earlier this month).
