August 03, 2018 04:31:58
Bitcoin Cash fell by 5.01% on Thursday, following Wednesday’s 0.97% decline, to end the day at $730.4.
It was a bearish day for Bitcoin Cash and the broader market, with a start of the day intraday high $773.8 coming off the back of a late recovery on Wednesday rather than a shift in market sentiment, with the daylong sell-off seeing Bitcoin Cash slide through the first major support level at $742.67 to an intraday low $722 before recovering to $730 levels.
The pullback reaffirmed the extended bearish trend, with the downward trend on intraday lows continuing through the week.
At the time of writing, Bitcoin Cash was 3.07% to $708.6, with Thursday’s slide continuing into the early hours, Bitcoin Cash falling from an opening $731 to a morning low $706.5, pulling back through the day’s first major support level at $710.33.
For the day ahead, a move back through the start of the day $731 to $740 levels would support a run at the first major resistance level at $762.13, while we continue to expect Bitcoin Cash to fall short of $800 levels on the day, in the event of a rebound.
Failure to break back through the morning high could see Bitcoin Cash continued the downward moves, with sub-$700 levels and the day’s second major support level at $690.27 in play, though we will expect Bitcoin Cash to recover to $700 levels in the event of a slide through to sub-$700 levels.