Bitcoin Cash Bulls Looking to Take Control
Another slide for Bitcoin Cash on Sunday, left Bitcoin Cash down 5.98% to $642 by the day’s end, making it 7 consecutive days of decline, as investors continue to part ways with the Bitcoin Cash and the broader market, the total cryptomarket cap now down to $259.2bn, with Bitcoin Cash’s market cap sitting at just $11.3bn.
A positive start to the day on Sunday saw Bitcoin Cash break back into $700 levels, with an intraday high $700.8, but that was about it for the day, with the day’s high falling well short of the first major resistance level of $722 and 23.6% FIB Retracement Level of $760.
The bearish trend that formed back at 21st March’s swing hi $1,084 continued through to the end of the weekend, with an intraday low $621 falling through the first major support level of $660.87 and 2nd support level of $637.6, before support led to a partial recovery to the day’s end $642.
That was a 34% slide for the week…
At the time of writing, Bitcoin Cash was up 2.66% to $660, with an early morning low $636.4 managing to avoid the day’s first major support level of $608.4, driving Bitcoin Cash to a morning high $667.6.
For the day ahead, the news wires will need to be particularly kind to support a run at the day’s first major resistance level of $688 that would bring the $700 levels into play, though for a move through to the day’s 23.6% FIB Retracement Level of $730, there’s going to need to be something exceptional on the news front.
Failure to break through to $700 levels through the middle of the day would continue to support the prolonged bearish trend and bring the day’s first major support level and the possibility of sub-$600 levels into play towards the end of the day.
Litecoin Bulls Fight off another Sell-off
Litecoin slipped 1.2% to end Sunday at $114.85, the second sub-$115 level close since before the mid-December rally.
An early morning intraday high $118.83 provided some early hope for Litecoin investors, but a broader sell-off across the market saw Litecoin fall short of the day’s first major resistance level of $123 and 23.6% FIB Retracement Level of $124.9, sliding to a day low $110.01, falling through the day’s first major resistance level of $112.73.
There was plenty of support a $110 levels, with Litecoin bouncing back through the 2nd half of the day to $117 levels, before easing back to the day’s end $114.85, a 28% slide for the week, Monday’s open through to Sunday’s close.
Sentiment had improved through the early part of this morning, with Litecoin up 2.47% to $117.8, with a morning high $119.72 testing the day’s first major resistance level of $119.12 early, before a pullback to $117 levels.
For the day ahead, a move back through to $119 levels would support a run at the day’s 23.6% FIB Retracement Level of $124.9, but for investors to become convinced of a shift in the extended bearish trend, a move through to the day’s 38.2% FIB Retracement Level of $134.57 will be needed, which may well be a step too far with the 2nd and 3rd resistance levels wedged in between the two retracement levels.
Litecoin will need to avoid a pull back to Friday’s $109.27 low to avoid the prospects of sub-$100, caution continuing to weigh on market sentiment in spite of this morning’s $119.12 high.
Ripple Back in the Red
Ripple’s XRP fell 3.95% to $0.48012 on Sunday, following Saturday’s 0.44% gain, to end the week down 24.3%, faring better than some of the majors.
A start of the day $0.50853 high was all that Ripple had to offer for existing investors, the day’s high falling short of the first major resistance level of $0.5186 and 23.6% FIB Retracement Level of $0.5285 as a broad market sell-off led to Ripple’s XRP sliding to an intraday low $0.45292 by the middle of the day. The sell-off saw Ripple’s XRP fall through the first major support level of $0.4877 and 2nd support level of $0.4741 before support kicked in around the day’s 3rd support level of $0.4431.
A rebound in the 2nd half of the day eased the pain, with Ripple’s XRP testing resistance at the $0.50 psychological level before easing back to $0.48012 by the day’s end.
Sentiment had not improved too much through the early part of this morning, with Ripple’s XRP up just 0.01% to $0.48019.
An early morning $0.46709 low held above the day’s first major support level of $0.4525, with an early run at $0.50, falling short of the day’s first major resistance level of $0.5081 and 23.6% FIB Retracement Level of $0.518, Ripple’s XRP hitting a morning high $0.4978.
For the day ahead, a move through to $0.50 levels would support a possible reversal of the extended bearish run, though Ripple’s XRP would need to break out to the day’s 38.2% FIB Retracement Level of $0.5583 to restore some confidence in Ripple’s XRP and broader market.
Failure to move through to $0.50 levels will likely bring the day’s first major support level into play and test investor nerves through the 2nd half of the day.