Bitcoin Cash slid 6.21% on Monday, taking a bite out of Saturday’s 16.23% rally, to end the day at $1,650.1. The slide came through the first half of the day, with Bitcoin falling from a start of the day high $1,787 through the day’s first major support level at $1,648.83 to an intraday low $1,560 to call on support at the 23.6% FIB Retracement Level of $1,555 before a partial recovery through the afternoon to $1,650 levels.
Afternoon support came following news that South Korea’s regulators will be loosening its grip on the cryptomarket, with concerns over the classification of Ether by the SEC also easing as a scheduled meeting overnight on Monday was reportedly fake news. In spite of Monday’s reversal, the bullish trend formed at 6th April’s swing lo $600.1 remains intact, with Bitcoin Cash needing to move make a move back through to $1,750 to bring $2,000 levels back into play.
At the time of writing, Bitcoin cash was up 0.99% to $1,669.9, with Monday afternoon’s recovery continuing through the early part of the morning, Bitcoin Cash hitting an intraday high $1,695 before easing back. Sentiment across the cryptomarket saw some improvement following news from the South Korean regulator, though the relief rally has done little to eat into Monday’s losses.
For the day ahead, a breakthrough to $1,700 levels would likely draw in more buyers to support the continued bullish trend and a run at the day’s first major resistance level of $1,771.4 to bring $2,000 levels back into play. Failure to move through to $1,700 levels through the morning could see Bitcoin Cash test support at the 23.6% FIB Retracement Level of $1,555 and the day’s first major support level of $1,544.4, with the news wires and sentiment across the broader market of influence, Bitcoin Cash yet free from the clasp of the bears.
Get Into Bitcoin Cash Trading Today Litecoin slid 3.79% on Monday, following on from Sunday’s 3.42% fall, to end the day at $164.58. A broad market sell-off through the morning saw Litecoin slide from a start of the day intraday high $171.62 through the day’s 23.6% FIB Retracement Level of $165.8 and first major support level at $163.64 to a morning low $157.25 before steadying. Read more from fxempire.com…
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