- Bitcoin Cash resumed the uptrend on Wednesday forming a two-month high at $172.87.
- The short-term support at $166 will hold as long as the RSI continues to rise.
The gains on Wednesday this week were nothing but a bull trap. Bitcoin Cash reacted alongside other cryptocurrencies on the market from the support formed on Tuesday at $152.58 (Fibonacci swing low). The upside correction stepped above both the 50 SMA and the 100 SMA 15-minutes and in turn reigniting momentum above the 23.6% Fib retracement level with the last swing high of $172.67 and a swing low of $152.58.