Bitcoin Cash fell by 2.96% on Saturday, following on from Friday’s 2.75% fall, to end the day at $1,081.3. An early move through to an intraday high $1,150 saw Bitcoin Cash test the day’s first major resistance level at $1,148 and selling pressure at the 23.6% FIB Retracement Level of $1,133 before a reversal that extended through the day.
While the declines came throughout the day, with Bitcoin Cash having pulled back through the 23.6% FIB Retracement Level of $1,133 by mid-morning, an end of day fall saw Bitcoin Cash pullback through the 38.2% FIB Retracement Level of $1,082 and the day’s first major support level at $1,082.3 to end the day on a bearish trend. With Bitcoin Cash having failed to breakout from the 23.6% FIB Retracement Level and the day long decline, the bearish trend formed at 6th May’s swing hi $1,849.9 resumed going into Sunday.
At the time of writing, Bitcoin Cash was down 4.41% to $1,037.3, with Bitcoin Cash sliding from an opening $1,086.8 to an early morning low $1,029, the slide seeing a pullback through the day’s first major support level at $1,058.27 to call on support at the second major support level at $1,035.23. The slide was attributed to news of U.S regulators issuing subpoenas to Coinbase, Kraken and Bitstamp for information relating to its investigations into price manipulation.
Adding to the market woes in the early hours was news of South Korean exchange Coinrail being hacked, though there’s little other information at the time of writing. For the day ahead, it’s looking a bit grim.
A move though $1,104 would be needed to support a bounce back through the 2nd half of the day, with Bitcoin Cash needing to break through the day’s first major resistance level at $1,127.17 to look to resume the near-term bearish trend that reversed through the 2nd half of the week. Failure to break back through to $1,100 levels could see Bitcoin Cash take another hit through the day, with the day’s 3rd major support level at $966.33 in play should broader market sentiment not improve, an unlikely outcome for the day, with the news wires likely to be on the quieter side, though it wouldn’t be completely out of the question, $1,104 the key level to look out for. Read more from fxempire.com…
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