Bitcoin Cash Bottoms Out… May be
It was another day in the red for Bitcoin Cash, which slipped by 1.74%, following Friday’s 1.87% fall, to close out the day at $684.1. Saturday’s fall was Bitcoin Cash’s 6th consecutive day in the red, leaving it down 29.54% from Monday’s open through to Saturday’s day end.
A positive start to the day saw Bitcoin Cash recover to $700 levels and hit an intraday high $736.4 in the morning, falling short of the day’s first major resistance level of 755.8 and 23.6% FIB Retracement Level of $769, affirming the continuation of an extended bearish trend formed back on 21st March.
A pull back to sub-$700 levels through the middle part of the day led to an intraday low $675.4, the decline not enough to test the day’s major support level of $654.47, with Bitcoin Cash moving within a relatively tight range through the day.
Not holding on to $700 levels by the close was likely to be the disappointment of the day, as investors look for signs of a weekend rally, having been let down last weekend.
At the time of writing, Bitcoin Cash was up 1.62% to $694.5, with an early morning high $700.8 failing to spur a run at the day’s first major resistance level of $721.87, though the good news through the early part of the day is that there’s been no sell-off, supporting a possible move through the first major resistance level to test the day’s 23.6% FIB Retracement Level of $769.
With investors edgy going into the start of the week, any gains through the middle part of the day will likely reverse before the end of the day, investors all too aware of what’s going on in the background from a regulatory stand point, with the markets continuing to be particularly sensitive to any negative news hitting the wires.
A failure to push through to key resistance levels in the middle of the day, could well see Bitcoin Cash see a pullback through yesterday’s $675 low and test the day’s first major support level of $660.87, though any major moves south from current levels will be dependent upon sentiment across the broader market.
The bearish trend remains intact this morning, but a move sideways through the day may give the crypto bulls hope that the market has started to bottom out…
Litecoin Struggles On
Litecoin joined the majority of the majors in the red on Saturday, falling 1.7% to partially reverse Friday’s 3.7% gain, to end the day at $116.45.
Litecoin has ended the day in the red in five of the last six days and down 27.3% from Monday’s open through to Saturday’s day end. For the 1st quarter, Litecoin was down 48.7%, which wasn’t as bad as some, while down 72% from mid-December’s $420 all-time high.
Saturday’s moves were relatively consistent with the broader market, with Litecoin hitting an intraday high $125.8 early in the day, a move through to the day’s 23.6% FIB Retracement Level leading to increased selling pressure, pulling Litecoin back to sub-$120 levels. The day’s high failed to test the first major resistance level of $127.28, as investors continued to be quick to lock in intraday gains in fear of a more severe sell-off before the start of the week.
The good news for Litecoin investors was the fact that there was no new low to contend with, following Friday’s $109.27, the bad news being Litecoin’s sub-$120 close for a 3rd consecutive day.
At the time of writing, Litecoin was up 0.35% to $116.69, with moves through the early part of the day relatively range bound, Litecoin’s morning low $116.17 and high $118.83 steering well clear of the day’s major support and resistance levels.
For the day ahead, a move back through to the morning high would support a run at $120 levels to test the day’s first major resistance level of $122.99, while the day’s 23.6% FIB Retracement Level of $124.9 may be a step too far for Litecoin as the weekend comes to an end.
Failure to move through to $120 by the middle part of the day will likely see selling pressure build through the afternoon, bringing the day’s first major support level of $112.73 into play, the amount of support for Litecoin dependent upon moves across the rest of the major cryptos, as investors continue to show little interest towards the underlying blockchain tech when looking for investment opportunities.
Ripple Bucked the Trend Again
Ripple’s XRP had a better day than most on Saturday, bucking the trend to end the day up 0.44% to $0.50136.
An early intraday high $0.52222 fell short of the day’s first major resistance level of $0.5289 and 23.6% FIB Retracement Level of $0.5285, leading to a pull back to sub-$0.50 levels, though Ripple’s XRP enjoyed plenty of support at the $0.50 psychological level, leading to a number of runs at the day’s key resistance levels.
Saturday’s intraday low $0.49131 stood well above the day’s first major support level of $0.4689, with Ripple’s XRP closing out the day at $0.50 levels key, though the bearish trend remained intact through to the close, in spite of the day’s slight uptick.
At the time of writing, Ripple’s XRP was up 0.18% to $0.5008, with Ripple’s XRP struggling for direction through the early part of the morning.
A morning low $0.4904 saw Ripple’s XRP fall back into negative territory early on, while an early high $0.5098 failed to drive Ripple’s XRP through to the day’s 23.6% FIB Retracement Level of $0.5285 or the first major resistance level of $0.5186.
With Ripple’s XRP steering clear of major support and resistance levels, the day ahead will be opportunistically driven one, any failure to move through to $0.51 levels likely to bring sub-$0.49 levels into play, with the day’s first major support level sitting at $0.4877.
We’ve seen Ripple’s XRP buck the trend before and it may well happen again today, for the right or the wrong reasons.