Life didn’t improve for the bulls on Saturday, with a lateral move through much of the day that saw Bitcoin Cash hit an intraday high $1,087.6, doing little to restore confidence in the cryptomarkets.
The day’s intraday high saw Bitcoin Cash fall short of the day’s first major resistance $1,122.19, giving the bears control in the latter part of the day, with Bitcoin Cash sliding to an intraday low $960.53, before recovering to close the day down 6.05% at $996.41.
With the day’s low testing Bitcoin Cash’s first major support level of $963, the good news for the bulls was the recovery to $1,000 off the slide, but the bad news was the failure of Bitcoin Cash to close at $1,000 levels for the first time since 7th February.
There was no particularly negative news to hit the markets through the day, with market jitters ahead of Wednesday’s testimony to Congress on cryptocurrencies and initial coin offerings continuing to weigh.
Things were no better this morning, with Bitcoin Cash down 0.91% to $990.91 at the time of writing. An early intraday high $1,000.6, fell short of today’s first major resistance level of $1,069 and Bitcoin Cash’s failure to hold on to $1,000 levels early on may prove to be a bad omen for the bulls today.
We have yet to see any signs of a weekend rally and, with Bitcoin at sub-$9,000 levels, it’s going to be a tough day ahead unless Bitcoin Cash is able to move through $1,000 and test $1,069 in the middle part of the day.
A sideways move through the day will likely see Bitcoin Cash test its first major support level of $942, though we won’t expect sub-$900 support levels to be tested today, barring particularly bad news hitting the news wires.**
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