Bitcoin Cash hit an intraday high $1,297.3 on Monday, before easing back ahead of the close to end the day up 5.26% at $1,275.
A bearish trend has formed through the early part of Tuesday, with Bitcoin Cash down 4.14% to $1,230.3 at the time of writing.
Bitcoin Cash tested its first major support level $1,232.6 in the early hours, falling to an intraday low $1,213, before moving back to $1,230.3.
Bitcoin Cash Price Support
Following Monday’s failed attempts to break through to $1,300 levels, Bitcoin Cash has been the worst performer amongst the major cryptocurrencies this morning, with a $1,285.2 intraday high being hit at the start of the day.
The pullback through the morning has seen Bitcoin Cash test its first major support level of $1,232.6, having fallen to an intraday low $1,213, with a bearish trend developing through the morning.
Bitcoin Cash fell through the 23.6% FIB Retracement of $1,237.17, with a lack of buyers pinning back a move back towards $1,300 levels hit during the weekend.
A failure to pull back through to $1,250 could see a further decline to test the next major support level sitting of $1,175.45, though we will expect some support at $1,200.
Sentiment towards the cryptomarket continues to pin back any major rally, with Bitcoin Cash and the rest of the cryptos unable to hold on to gains as investors continue to fret over what lies ahead for the market.
Regulatory updates continue to hit the news wires and, while much of the chatter is from smaller crypto jurisdictions, the main jurisdictions are unlikely to be far behind, with any major news likely to hit the markets hard over the near-term.
For Bitcoin Cash, another concern for investors will be the imminent launch of Litecoin’s LitePay, with the team has announced a launch date of 26th February. Investors will have to wait for launch to get a sense of how popular the payment platform will be, but it will more than likely test support for Bitcoin Cash near-term.
The support and resistance levels provide some guidance on where buyers and sellers may be concentrated, but as we have seen through much of the year, moves are likely to be news driven until the market settles.