Bitcoin Cash – ABC – in the Red Again

Bitcoin Cash ABC fell by 3.61% on Friday, following on from Thursday’s 16.69% slide, to end the day at $127.00.

A relatively choppy morning saw Bitcoin Cash ABC strike an early morning intraday high $133.04 before sliding to sub-$130 levels. A bounce back to $132 levels mid-morning was short lived, with Bitcoin Cash ABC falling to a late morning intraday low and new swing lo $126.8, before recovering through the afternoon to limit the losses for the day.

The moves through the day saw Bitcoin Cash ABC steer clear of the major support and resistance levels

At the time of writing, Bitcoin Cash ABC was up 6.25% to $134.93, with moves through the early morning seeing Bitcoin Cash ABC rise from a start of a day morning low $129.48 to a morning high $136.33, breaking through the first major resistance level at $131.09 and second major resistance level at $135.19 before easing back.

For the day ahead, a move back through the second major resistance level at $135.19 would support a run at $140 levels to bring the third major support level at $141.43 into play, though support from the broader market would be needed for Bitcoin Cash ABC to break out from current levels and avoid a pullback.

Failure to move back through the second major resistance level could see Bitcoin Cash ABC hit reverse later in the day, a fall back through the first major resistance level at $131.09 bringing sub-$130 levels into play before any recovery, the first major support level at $124.85 unlikely to be in play on the day.

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Litecoin Sees More Red

Litecoin fell by 4.45 on Friday, following on from Thursday’s 13.76% tumble, to end the day at $31.79.

Relatively range bound through most of the day by recent standards, Litecoin moved to an early morning intraday high $33.71 coming up well short of the first major resistance level at $37.71.

An early morning low $32.00 saw Litecoin hold well above the first major support level at $30.37, with Litecoin managing to move back through to $33 levels through the afternoon before hitting reverse late in the day, Litecoin hitting an intraday low $30.43 to call on support at the first major support level at $30.37.

At the time of writing, Litecoin was up 0.53% to $31.96, with rising to a start of a day morning high $32.61 before pulling back to a morning low $31.65, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $32 levels would support another run at the first major resistance level at $33.52, while we would expect Friday’s high $33.71 to pin Litecoin back from any break out to bring the second major resistance level at $35.26 into play.

Failure to move back though to $32 levels could see Litecoin come under selling pressure to bring the day’s first major support level at $30.24 into play before any recovery, sub-$30 support levels unlikely to be tested barring another crypto meltdown later in the day.

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