Chart of the day

Bitcoin Cash is testing the upside resistance of 285. If we get a break above this level we could see an extension higher to 480. A rejection here will leave us in the triangle squeeze still and to a test of 227.

Only in the case of a clear confirmed break above 285, will lead to an immediate upside extension in the third Elliott wave higher to 800 and this will be confirmed in the case of a break above 480. A break below 210 is required to invalidate this.

Long trades could be opened here with a stop loss below 215 upon a break above 285. Short trades should be opened only upon a confirmed break below 215. This can be traded with options as well.