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Bitcoin Cash – ABC – Slumps
Bitcoin Cash ABC tumbled by 18.15% on Sunday. Following on from a 2.59% fall from Saturday, Bitcoin Cash ABC ended the week down 31.87% at $281.42.
A bearish start to the day saw Bitcoin Cash ABC fall from an intraday high $344.34 to a mid-afternoon low $299.14.
The pullback saw Bitcoin Cash ABC fall through the major support levels before recovering to $311 levels.
A late sell-off did the damage, however. Bitcoin Cash ABC fell to a late intraday low $275. Bitcoin Cash ABC fell back through the third major support level at $304.78.
For the bulls, holding above the 62% FIB of $262 was key on the day.
At the time of writing, Bitcoin Cash ABC was down 0.07% to $281.24. A particularly bearish start to the day saw Bitcoin Cash ABC fall to a morning low $253.18 before finding support.
Bitcoin Cash ABC fell through the 62% FIB of $262 and first major support level at $256.17 before striking a high $288.46.
Whilst breaking back through the 62% FIB, Bitcoin Cash ABC fell short of the major resistance levels early on.
For the day ahead, a move back through to $300 levels would support a run at the first major resistance level at $325.51
Bitcoin Cash ABC would need support from the broader market, however, to break out from $300.
Failure to move through to $300 levels could see Bitcoin Cash ABC struggle on the day. A fall back through the 62% FIB would bring the first major support level at $256.17 back into play.
Barring another crypto meltdown, Bitcoin Cash ABC should steer clear of the second major support level at $230.91.
Litecoin at sub-$90
Litecoin slumped by 11.34% on Sunday. Following on from a 3.88% fall from Saturday, Litecoin ended the week down 25.4% to $89.72.
A mixed start to the day saw Litecoin rise to an early morning high $101.91 before hitting reverse. Falling short of the major resistance levels, Litecoin slid to a mid-afternoon low $88 before finding support.
Litecoin fell through the first major support level at $97.26 and second major support level at $93.38.
Of greater significance was a slide through the 38.2% FIB of $99.
A late recovery to $91 levels was short-lived, with Litecoin sliding back to sub-$90 levels at the day end.
At the time of writing, Litecoin was down by 2.34% to $87.62. Tracking the broader market, Litecoin fell to an early morning low $84.88 before moving back to $90 levels and a morning high $90.42.
While falling short of the major resistance levels, Litecoin came within range of the first major support level at $84.51.
For the day ahead, a move back through the morning high $90.42 to $93 levels would support a run at $100 levels.