Bitcoin Cash saw red again on Saturday, falling 2.29% to reverse Friday’s 0.98% rise and end the day at $1,176.5. A choppy start to the day saw Bitcoin Cash slide through to $1,145.3 testing the day’s first major support level at $1,146.73 before bouncing back to an intraday high $1,218 in the late morning.
Bitcoin Cash failed to test the day’s first major resistance level at $1,242.57 and selling pressure at the 23.6% FIB Retracement Level of $1,298, with $1,200 resistance too strong, leading to a pullback to sub-$1,200 levels in the afternoon. While failing to test key resistance levels on the day continued to support the near-term bearish trend, avoiding another sell-off late in the day was a positive for the Bitcoin Cash bulls on the day.
At the time of writing, Bitcoin Cash was up 5.44% to $1,241, the move coming off the back of a relatively range bound second half of the day on Saturday that left key support levels untested following the morning breach. Bitcoin Cash broke through the today’s first major resistance level at $1,214.57 to a morning high 1,250.5, testing the day’s second major resistance level at $1,252.63 before easing back, the lack of a sell-off supporting a run at the 23.6% FIB Retracement Level of $1,298.
Failure to move through to test selling pressure at $1,298 would likely lead to an afternoon reversal, to test support at $1,200, while the day’s first major support level at $1,141.87 will likely be left untested today. It’s a bullish start to the day, but with Bitcoin Cash down 20.2% for the week Monday through Saturday, there’s a long way to go to reverse the near-term bearish trend formed at 5th May’s swing hi $1,849.9.
Get Into Bitcoin Cash Trading Today Litecoin slipped 0.95% on Saturday, partially reversing Friday’s 2.72% rise, to end the day at $134.96. An early fall through to an intraday low $133.25 avoided the day’s first major support level at $131.03, leading to a late morning rally to an intraday high $137.18 before a downward move through the afternoon to $134 levels. Read more from fxempire.com…
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