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Bitcoin Cash – ABC – Sees Red Again
Bitcoin Cash ABC fell by 1.67% on Saturday. Reversing a 1.17% rise from Friday, Bitcoin Cash ABC ended the day at $167.
Bearish through the day, Bitcoin Cash ABC fell from a start of a day intraday high $170.66 to an intraday low $164.17.
The start of the day high saw Bitcoin Cash ABC come within range of the first major resistance level at $170.97 before hitting reverse.
The reversal saw Bitcoin Cash ABC fall through the first major support level at $167.47 and second major support level at $164.17. A partial recovery through the late afternoon saw Bitcoin Cash ABC recover through the second major support level.
At the time of writing, Bitcoin Cash ABC was down 1.2% to $165.0. The early pullback from the end of Saturday $167 left the major support and resistance levels untested early on.
For the day ahead, a move back through to $167 levels would be needed for Bitcoin Cash ABC to take a run at $170 levels. Support from the broader market would be needed for Bitcoin Cash ABC support a breakthrough the first major resistance level at $170.38. Barring a broad-based rally, we would expect Bitcoin Cash ABC to continue to struggle at $170 levels on the day.
Failure to move through to $167 levels could see Bitcoin Cash ABC fall further back on the day. A fall through Saturday’s low $164.17 would bring the first major support level at $163.89 into play. Barring a crypto meltdown, we would expect Bitcoin Cash ABC to avoid heavier losses on the day.
Litecoin Touches sub-$60 Levels
Litecoin fell by 1.66% on Saturday. Reversing a 1.59% rise from Friday, Litecoin ended the day at $60.25
Tracking the broader market, Litecoin slid from an intraday high $61.37 to a late afternoon intraday low $59.71.
Falling short of the first major resistance level at $61.8, Litecoin fell through the first major support level at $60.23. Steering clear of the second major support level at $59.24, Litecoin recovered back through the 23.6% FIB of $60.
At the time of writing, Litecoin was down by 0.4% to $60.01. A bearish start to the day saw Litecoin fall from a morning high $60.35 to a low $59.76 before finding support. While leaving the major support and resistance levels untested, Litecoin fell through the 23.6% FIB of $60 early on.
For the day ahead, a move back through to $60.40 levels would signal another run at $61 levels later in the day. A recovery across the broader market would bring the first major resistance level at $61.18 into play. Barring a broad-based crypto rally, however, we would expect Litecoin to continue to fall short of $62 levels.