Chart of the day

Bitcoin Cash is being rejected by the breakout higher resistance 255 which is leaving it still in the consolidation. We must see a confirmed break above the indicated resistance for an extension higher in a possible third upside wave of five.

I still see this as a second-wave consolidation; only a break below 213 will invalidate that view. We need to see a clear confirmed break above 255 for the upside longest and the most productive third wave extension to be confirmed and for the long trade entry to be justified.

Long trades could be opened here only upon a break above 255. Short trades should be opened here with a small risk and a stop loss just above 255 to target swing low 200. The instrument is being rejected by a key resistance here.