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Bitcoin Cash – ABC – Back in the Red
Bitcoin Cash ABC gained 0.62% on Sunday, following a 6.95% fall on Saturday, to end the week down 17.71% to $161.15.
A particularly range bound day, by Bitcoin Cash ABC standards, saw Bitcoin Cash ABC hover at around the 38.2% FIB Retracement Level of $163 through the day.
An early morning intraday low $156.54 saw Bitcoin Cash ABC hold above the first major support level at $155.26 to recover to a late morning intraday high $164.52.
Unable to break through to $165 levels, Bitcoin Cash ABC fell short of the first major resistance level at $169.93 to end the week below the 38.2% FIB, while managing to hold onto $160 levels.
At the time of writing, Bitcoin Cash ABC was down 2.77% to $156.69, a bearish morning seeing Bitcoin Cash ABC fall from a start of a day morning high $162.09 to an early morning low $156.69, Bitcoin Cash ABC falling through the first major support level at $156.95 early on in the day.
For the day ahead, a move back through the first major support level to $160 levels would support a move through the morning high $162.09 to bring the first major resistance level at $164.93 into play later in the day, though sentiment across the broader market would need to improve for Bitcoin Cash ABC to recover early losses.
Failure to move back through to $160 levels could see Bitcoin Cash ABC take a bigger hit later in the day, a pullback through to $153 levels likely to bring the second major resistance level at $152.76 into play before any recovery.
Litecoin Struggles Early
Litecoin gained 3.07% on Sunday, partially reversing Saturday’s 4.91% decline, to end the week down 4.59% at $31.56.
A bullish morning saw Litecoin rally from a start of a day intraday low $29.95 to strike a late morning intraday high $31.95 before easing back to a range bound 2nd half of the day.
Moves through the day left the day’s major support and resistance levels untested, with a late afternoon pullback to sub-$31 levels finding plenty of support to move back through to $31 levels.
At the time of writing, Litecoin was down 2.03% to $30.92, with moves through the morning seeing Litecoin fall from a start of a day morning high $31.62 to a morning low $30.6 before steadying.
Litecoin came within range of the first major support level at $30.36, whilst falling well short of the first major resistance level at $32.36.
For the day ahead, a move back through to $31 levels would support a recovery, bringing Sunday’s high $31.9 into play. For Litecoin to break through to $32 levels to test the day’s first major resistance level, sentiment across the broader market would need to materially improve however.