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Bitcoin Cash Sees an Early Rally
Bitcoin Cash gained 0.83% on Monday, partially reversing Sunday’s 1.32% fall, to end the day at $535.7.
An early move through to an intraday high $544 was the only bullish move of the day, the day’s high coming up short of the first major resistance level at $550.7, before easing back. Holding on to $530 levels through the rest of the morning, Bitcoin Cash was hit by an early afternoon sell-off that saw Bitcoin Cash fall to an intraday low $519 before recovering to $530 levels, the day’s low steering clear of the first major support level at $514.6.
At the time of writing, Bitcoin Cash was up 2.68% to $547.5, a bullish start to the day seeing Bitcoin Cash rally through the first major resistance level at $550.7 to an early morning high $554.2 before easing back.
For the day ahead, a move back through to $550 levels would support a run at the day’s second major resistance level at $557.9 to bring $560 levels into play, though for any break through the second major resistance level, the news wires will need to be crypto friendly.
Failure to move back through to $550 levels could see Bitcoin Cash hit reverse later in the day, a fall through $533 bringing a morning low $528.7 into play, while we would expect Bitcoin Cash to steer clear of the first major support level at $521.8 barring materially negative news hitting the wires.
Litecoin on the Move
Litecoin fell by 1.39% on Monday, following on from Sunday’s 0.6% loss, to end the day at $60.2, the fall marking a 4th consecutive day in the red and 8 days in the red out of the last 10.
Tracking the broader market, Litecoin fell from a start of a day intraday high $61.8 to an early afternoon intraday low $59.22 before finding support at the day’s first major support level at $59.57, Litecoin managing to break back through to $60 levels by the day’s end.
At the time of writing, Litecoin was up 1.36% to $61.04, with Litecoin recovering from an early morning low $59.91 to a morning high $61.3, the early moves leaving the major support and resistance levels untested.
For the day ahead, a move back through the morning high would bring the first major resistance level at $61.59 into play, with a hold on to $61 levels through to the early afternoon raising the prospects of a break back through to $62 levels later in the day before any pullback.
Failure to hold on to $61 levels through the morning could see Litecoin give up the morning gains, a move back through $60.4 likely to bring sub-$60 levels and the day’s first major support level at $59.01 into play, any more material decline in the hands of the news wires on the day.