Bitcoin Cash rallied 7.82% on Sunday, following on from Saturday’s 8.26% gain, to end the week up 17.5% to $1,169.8, Monday through Sunday. An early morning dip to an intraday low $1,072.2 was the only bearish move of the day, with Bitcoin Cash managing to hold above the day’s first major support level at $1,015.9 to rally to an intraday high $1,194 through the middle part of the day.

Bitcoin Cash’s break out from the 23.6% FIB Retracement level of $1,100 by mid-morning supported a break though the day’s first major resistance level at $1,128.5 and second major resistance level at $1,172 to the day’s high before easing back to the day’s ending $1,169.8. The break out from the 23.6% FIB Retracement Level of $1,100 and hold above the day’s first major resistance level at $1,128.5 supported the formation of a near-term bullish trend from 28th May’s swing lo $868.0.

At the time of writing, Bitcoin Cash was down 3.8% to $1,125.5, a start of the day high and new swing hi $1,214.8 falling short of the day’s first major resistance level at $1,218.47, with investors locking in profits following the new swing hi, leading Bitcoin Cash down to a morning low $1,111.8, calling on support at the 23.6% FIB Retracement Level of $1,117, while steering clear of the day’s first major support level at $1,096.67. For the day ahead, a move through $1,145 would support a run through to $1,200 levels to bring the day’s first major resistance level at $1,218.47 back into play, though Bitcoin Cash will likely face plenty of resistance at $1,200, broader market sentiment to dictate whether Bitcoin Cash can breakout from $1,200 to bring key resistance levels into play later in the day.

Failure to move back through $1,145 to take a run at $1,200 levels will likely see Bitcoin Cash test sub-$1,100 support levels, any material deterioration in market sentiment likely to see Bitcoin Cash resume the bearish trend, the current near-term bullish trend under pressure through the early part of the day. Get Into Bitcoin Cash Trading Today Litecoin gained 1.31% on Sunday, following on from Saturday’s 3.14% rise, to end the week up 6.31% to $125.27.

An early pull back from $123.97 to an intraday low $122.56 avoided the day’s first major support level at $119.96, with a broad based market rally driving Litecoin to an intraday high $127.95 in the early part of the afternoon, before easing back late in the day to $125 levels. The mid-morning extended rally saw Litecoin break through the day’s first major resistance level at $125.9 and the 23.6% FIB Retracement Level of $127 before easing back, with Litecoin unable to break clear of $127 levels to take a run at $130 levels. Read more from fxempire.com…

thumbnail courtesy of fxempire.com