Bitcoin Cash – ABC – Slides Again
Bitcoin Cash ABC slid by 4.82% on Monday. Following on from a 1.4% fall on Sunday, Bitcoin Cash ABC ended the day at $122.77.
Bearish from the start of the day, Bitcoin Cash ABC slid to an early morning intraday low $120.64 before finding support. The reversal saw Bitcoin Cash ABC fall through the day’s major support levels.
Bitcoin Cash ABC fell short of the first major resistance level at $129.89 with a start of a day intraday high $128.99.
At the time of writing, Bitcoin Cash ABC was up by 0.57% to $123.47. Moves through the early morning saw Bitcoin Cash ABC rise to a morning high $123.52 before easing back. The day’s major support and resistance levels were left untested early on.
For the day ahead, a move through to $124.2 levels would signal a possible bounce back from Monday’s losses. Barring a material shift in sentiment across the broader market, however, we expect Bitcoin Cash ABC to fall short of $130 levels.
The first major resistance level at $127.63 and Monday’s high $128.99 will likely limit any upside in the event of a rebound.
Failure to move through to $124.2 levels could see Bitcoin Cash ABC hit reverse later in the day. A fall through to $122 levels would bring the first major support level at $119.28 into play.
Barring a broad-based crypto sell-off, we would expect sub-$119 support levels to be left untested on the day.
Litecoin Back to $45 Levels
Litecoin tumbled by 3.88% on Monday. Following on from a 1.58% fall on Sunday, Litecoin ended the day at $45.64.
A start of a day intraday high $48.00 was Litecoin’s only bullish move of the day. Falling short of the first major resistance level at $48.55, Litecoin slid to a late morning intraday low $44.40.
The reversal saw Litecoin tumble through the first major support level at $46.6 and second major support level at $45.72 before finding support.
Amidst the bearish sentiment, Litecoin eased back through the second major support level at $45.72 late in the day.
At the time of writing, Litecoin was up by 0.11% to $45.69. Litecoin fell from a morning high $45.82 to an early morning low $45.33 before recovering. The relatively range bound start to the day left the major support and resistance levels untested.
For the day ahead, a move through to $46 levels would signal a partial recovery of Monday’s reversal. A breakthrough to $47 levels would bring the first major resistance level at $47.63 into play before any pullback.
Barring a broad-based crypto rally, we would expect Litecoin to come up short of the second major resistance level at $49.61. Litecoin will likely be pinned back by Monday’s high $48 in the event of a rebound.