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Bitcoin Cash Looks for a Rebound
Bitcoin Cash slid by 2.86% on Wednesday, following on from Tuesday’s 0.38% fall, to end the day at $517, Bitcoin Cash seeing red for a 5th day in 6.
A particularly bearish start to the day saw Bitcoin Cash slide from an early morning intraday high $534 to a late morning intraday low $507, Bitcoin Cash falling through the first major support level at $517.2 to come within range of the second major support level at $503.1 before recovering to $520 levels.
It was another bearish end to the day, with Bitcoin unable to hold on to $520 levels by the day’s end.
At the time of writing, Bitcoin Cash was up 3.04% to $532.7, a bullish start to the day seeing Bitcoin Cash move from a morning low $516.1 to a morning high $532.8, breaking through the first major resistance level at $531.67.
For the day ahead, holding on to $530 levels through the morning would support a run at $540 levels later in the day, though we can expect plenty of resistance at $540 that will likely see Bitcoin Cash fall short of the day’s second major resistance level at $546.33.
Failure to hold on to $530 levels through the morning could see Bitcoin Cash pull back to sub-$520 levels, with any fall through the morning low $516.1 likely to see Bitcoin Cash test the day’s first major support level at $504.67 before any recovery.
Litecoin on the Move
Litecoin slid by 3.31% on Wednesday, following on from Tuesday’s 1.69% loss, to end the day at $57.24, the fall marking a 6th consecutive day in the red and 10 days in the red out of the last 12.
Tracking the broader market through the morning, Litecoin slid from a start of a day intraday high $59.32 to an intraday low $56.55, the reversal seeing Litecoin fall through the first major support level at $58.09 and second major support level at $57 before finding support to recover to $58 levels.
A late sell-off saw Litecoin pullback through the first and second major support levels to match the morning intraday low $56.55 before recovering to $57 levels.
At the time of writing, Litecoin was up 2.55% to $58.71, with Litecoin rallying from a start of a day morning low $57.08 to a morning high $58.9 to test the day’s first major resistance level at $58.86 before easing back.
For the day ahead, a move back through the first major resistance level would support a run at $60 levels to bring the second major resistance level at $60.47 into play, Litecoin needing to hold on to $58 levels to support an afternoon rally.
Failure to hold on to $58 levels could see Litecoin reverse the morning’s gain, with a pullback through $57.7 likely to bring sub-$57 levels and the day’s first major support level at $56.09 into play before any recovery.