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Bitcoin Cash – ABC – Visits Sub-$270
Bitcoin Cash ABC rose by 1.01% on Thursday. Partially reversing a 9.56% tumble on Wednesday, Bitcoin Cash ABC ended the day at $314.45.
A particularly bearish start to the day saw Bitcoin Cash ABC slide to a mid-morning intraday low $265.0.
The sell-off saw Bitcoin Cash ABC slide through the first major support level at $291.53 and second major support level at $271.76.
In spite of the sell-off, Bitcoin Cash ABC managed to hold above the 62% FIB of $262 to avoid a bearish trend formation.
Finding support through the afternoon, Bitcoin Cash ABC managed to strike an intraday high $322.47 before easing back.
Bitcoin Cash ABC came up short of the first major resistance level at $344.66 in spite of the bounce back.
At the time of writing, Bitcoin Cash ABC was up by 0.21% to $315.10. Range-bound through the first hour, Bitcoin Cash ABC managed to avoid an early pullback, in spite of a choppy day across the majors.
The lack of movement left the major support and resistance levels untested early on.
For the day ahead, a move through Thursday’s high $322.47 would support a run at the first major resistance level at $336.28.
Bitcoin Cash ABC would need to steer well clear of sub-$300 levels, however, to support upside on the day.
Barring a broad-based crypto rally, Bitcoin Cash ABC would likely fall short of recovery to $358 levels struck on Wednesday.
Failure to move through to $322 levels could see Bitcoin Cash ABC struggle on the day. A fall through to sub-$300 levels would bring the first major support level at $278.81 into play.
Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of Thursday’s low $265 and the 62% FIB of $262.
Litecoin Avoids sub-$70
Litecoin rose by 0.63% on Thursday. Partially reversing Wednesday’s 10.27% sell-off, Litecoin ended the day at $76.25.
Tracking the broader market, Litecoin slid to a mid-morning intraday low $70.66 before finding support.
The reversal saw Litecoin fall through the first major support level at $71.18 to test support at the 62% FIB of $70.
Finding support from the broader market, Litecoin struck a late afternoon intraday high $77.89 before easing back. Litecoin fell well short of the major resistance levels on the day.
At the time of writing, Litecoin was down by 0.59% to $75.8. A bearish start to the day saw Litecoin fall from a morning high $76.39 to a low $75.33 before finding support.
Litecoin left the major support and resistance levels untested early on.
For the day ahead, a hold onto $75 levels would support a run at Thursday’s high $77.89 before any pullback.