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Bitcoin Cash – ABC – Finds Support
Bitcoin Cash ABC rose by 2.55% on Friday. Partially reversing a 3.36% slide on Thursday, Bitcoin Cash ABC ended the day at $155.88.
A bearish start to the day saw Bitcoin Cash ABC fall to an early intraday low $151 before bouncing back. Steering well clear of the first major support level at $146.63, Bitcoin Cash ABC rallied to an intraday high $158.5 before easing back.
In spite of the afternoon high, Bitcoin Cash ABC came up short of the first major resistance level at $158.99. For the bulls, a breakthrough and hold above the 38.2% FIB of $152 was the move of the day.
At the time of writing, Bitcoin Cash ABC was up by 3.99% to $162.10. A particularly bullish start to the day saw Bitcoin Cash ABC rally from a morning low $155.68 to a high $164.19.
Steering well clear of the major support levels, Bitcoin Cash ABC broke through the first major resistance level at $159.25 and second major resistance level at $162.63 before easing back.
For the day ahead, a hold onto $162 levels through the morning would support a breakout to $165 levels. Support from the broader market would be needed, however for Bitcoin Cash ABC to hold onto $162 levels.
We would expect Bitcoin Cash ABC to fall short of the third major resistance level at $170.13 in the event of a breakout.
Failure to hold onto $162 levels could see Bitcoin Cash ABC slide back through to sub-$160 levels. A broad-based crypto reversal would lead Bitcoin Cash ABC back through the first major resistance level to $157 levels.
Barring a mass sell-off, we would expect Bitcoin Cash ABC to steer well clear of the first major support level at $151.75 and hold above the 38.2% FIB of $152.
Litecoin Slides
Litecoin gained 1.2% on Friday. Partially reversing a 2.99% fall from Thursday, Litecoin ended the day at $59.12.
A range-bound start to the day saw Litecoin ease to a mid-morning intraday low $57.85 before finding support.
Steering well clear of the first major support level at $56.94, Litecoin rose to a mid-afternoon intraday high $59.43.
Litecoin fell short of the first major resistance level at $60.14 and, more importantly, the 23.6% FIB of $60 before easing back.
At the time of writing, Litecoin was up by 0.17% to $59.22. A mixed start to the day saw Litecoin fall to a morning low $58.94 before finding support. Holding above the first major support level at $58.17, Litecoin rose to a morning high $59.34 before easing back. The day’s major resistance levels were left untested early on.
For the day ahead, a move back through the morning high $59.34 would bring the first major resistance level at $59.75 into play. Support from the broader market would be needed for a breakout to $60 levels, however. The 23.6% FIB of $60 would limit the upside in the event of a breakthrough to $60 levels.