Bitcoin Cash – ABC – Tanks Again
Bitcoin Cash ABC slid by 4.89% on Friday. Following on from a 2.40% decline on Thursday, Bitcoin Cash ABC ended the day at $261.62.
It was a mixed start to the day saw Bitcoin Cash ABC rising from an early morning low $270.00 to a late morning intraday high $278.00.
While falling short of the first major resistance level at $284.09, Bitcoin Cash ABC broke through the 23.6% FIB of $273.
Hitting reverse in the early afternoon, however, Bitcoin Cash ABC slid to an early afternoon intraday low $259.82.
Bitcoin Cash ABC fell through the first major support level at $271.92 and second major support level at $266.25. Of greater significance, however was a slide back through the 23.6% FIB of $273.
Steering clear of the third major support level at $254.08, Bitcoin Cash ABC moved back through to $260 levels to limit the loss on the day.
At the time of writing, Bitcoin Cash ABC was up by 0.33% to $262.48. Through the first hour, Bitcoin Cash ABC rose from an early morning low $261 62 to a high $262.48.
Bitcoin Cash ABC left the major support and resistance levels untested early on.
For the day ahead, a move through to $266.50 levels would support a return to $270 levels.
Bitcoin Cash ABC would need the support of the broader market, however, to take a run at the 23.6% FIB of $273.
Barring a broad-based crypto rebound, the 23.6% FIB and first major resistance level at $273.14 would likely cap any upside.
Failure to move through to $266.50 levels could see Bitcoin Cash ABC slide deeper into the red.
A fall through Friday’s low $259.82 would bring the first major support level at $254.96 into play.
Barring another crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$250 support levels.
Litecoin on the Back Foot
Litecoin fell by 2.36% on Friday. Following on from a 3.17% slide on Thursday, Litecoin ended the day at $57.53.
A mixed start to the day saw Litecoin recover from a mid-morning low $58.33 to strike a late morning intraday high $60.68.