• Bitcoin Cash broke resistance area
• Likely to reach resistance level 700.00
Bitcoin Cash cryptocurrency continues to rise after the price broke above the resistance area lying between the pivotal resistance level 565.60 (previous monthly high from the middle of March) and the 38.2% Fibonacci correction of the previous downward impulse from the middle of February. The breakout of this resistance area accelerated the active minor impulse wave 3 – which belongs to the intermediate upward impulse sequence (3) from the end of January.
Given the latest improvement in the risk sentiment as seen across the cryptocurrency markets today – Bitcoin Cash is likely to rise further toward the next round resistance level 700.00 – from where the price is likely to correct down.