Bitcoin cash starts recovery now
hello friends,image sorce
The day’s gains came off the back of a late in the day rally from an intraday low $707.7 through the first major resistance level at $751.33 and second major resistance level at $769.57 to an intraday high $781.7 before easing back to $770 levels, the first major support level at $706.73 left untested through the day.
Saturday’s broad based market rally came off the back of news that the South Korean government will loosen its rules on cryptocurrencies in order to align with the G20’s planned roll out of unified global regulations by the end of July deadline.
At the time of writing, Bitcoin Cash was down 0.69% to $769, with Bitcoin Cash pulling back from a start of the day $783.3 to a morning low $762.2 before recovering.
For the day ahead, a move back through the morning high $783.3 would support a run at $800 levels and the day’s first major resistance level at $802.7. In the event of another rally through the day, in the wake of the latest news from South Korea, we would expect Bitcoin Cash to break out from the second major resistance level at $829.2 to bring $900 levels into play before any reversal.
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ho... Interesting.
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