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Bitcoin Cash Hits Reverse
Bitcoin Cash gained just 0.54% on Saturday, following Friday’s 0.55% rise, to end the day at $536.2.
A choppy start to the day saw Bitcoin Cash break through the first major resistance level at $542.61 to an intraday high $546.7 before easing back to a morning and intraday low $527.2 that held above the first major support level at $521.57.
Support through the afternoon left Bitcoin Cash in a relatively tight range, with Bitcoin Cash recovering and holding on to $530 levels through to the day’s end.
At the time of writing, Bitcoin Cash was down 2.86% to $521.1, with Saturday’s range bound 2nd half of the day leading to an early broad based market sell-off, Bitcoin Cash sliding through the first major support level at $526.7 and second major support level at $517.2 to a morning low $516.1 before recovering to $520 levels.
For the day ahead, a move back through to a start of a day morning high $536.5 would support a run at $540 levels to bring the day’s first major resistance level at $546.2 into play, though Bitcoin Cash will likely face plenty of resistance on any run at $530 levels, with a hold on to $520 levels through the morning needed to support a second half of a day recovery.
Failure to hold on to $520 levels could see Bitcoin Cash slide back to Monday’s $506.4 low before any recovery, sub-$500 likely to be avoided barring material negative news hitting the wires, while the recent upward trend in daily closes appears to be under threat early on.
Litecoin Tumbles
Litecoin gained just 0.09% on Saturday, following Friday’s 1.05% rise, to end the day at $57.99.
Moves through the early part of the day saw Litecoin fall to an intraday low $57.08, holding above the day’s first major support level at $56.19, before recovering to an early afternoon intraday high $58.36. Resistance at $58 ultimately held Litecoin back from any runs at the day’s first major resistance level at $59 through the afternoon.
At the time of writing, Litecoin was down 2.69% to $56.45, with Litecoin reversing from a start of a day $58.2 high to a morning low $56.18, the slide seeing Litecoin fall through the first major support level at $57.26 and second major support level at $56.53 before steadying.
For the day ahead, a break back through to $57 levels and a move through to $57.81 would support a run at $58 levels and the day’s first major resistance level at $58.54, though sentiment will need to materially improve through the late morning, with Litecoin needing to hold on to $56 levels to support a recovery later in the day.