Bitcoin Cash Sees Red
Bitcoin Cash gained just 1.04% on Tuesday, following Monday’s 8.13% fall, to end the day at $1,060.9.
It was quite a choppy day, with Bitcoin Cash hitting the day’s intraday high $1,100 early to then reverse through the middle part of the day to an intraday low $989.1, testing the day’s first major support level of $986. While the day’s high may have fallen short of $1,128, the first major resistance level, Bitcoin Cash faced plenty of selling pressure as it touched the day’s 62% FIB Retracement Level of $1,100.93, which led to the pullback through to the day’s low that sat well below the day’s 23.6% FIB Retracement Level of $1,043.86.
The good news for investors was that there was no major sell-off ahead of today’s session in Congress on cryptocurrencies and initial coin offerings, with the general consensus in the cryptomarkets being that the session will be less of an authoritarian one and more of an educational session.
Following a choppy Tuesday, the early part of the day has been mixed, with Bitcoin Cash down 1.39% to $1,036.4 at the time of writing.
An early move through the day’s 38.2% FIB Retracement Level of $1,053.62 to an early morning high $1,073.1 saw Bitcoin Cash pullback to a day low $1,030.8 before a partial recovery.
With support and resistance levels untested in the early part of the day, a pullback through the day’s 23.6% FIB Retracement Level could see Bitcoin Cash test the day’s first major support level at $1,000. Bitcoin Cash has only avoided sub-$1,000 levels once in the last 6-days and that was on Monday, in the wake of Sunday’s 14% rally.
While a bearish trend has formed since Sunday’s swing hi $1,158, a move through to $1,000 levels from Tuesday’s swing Lo $989.1 could find support if Bitcoin Cash manages to hold above the day’s 23.6% FIB Retracement Level and move through the day’s 38.2% FIB Retracement Level of $1,053.62 in the early part of the day. With the first major resistance level sitting at $1,110.9, sentiment across the markets will need to be upbeat as Bitcoin Cash crosses the 38.2% FIB Retracement Level to support a run at the day’s 62% FIB Retracement Level of $10,093.5.
The way ahead will likely be similar to the way it started, choppy with some attempts to break back through to $1,100, though how the day ends will be in the hands of Congress and the new wires.
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Litecoin Gives up $180
Litecoin spent a second consecutive day in the red on Tuesday, falling 1.19% to end the day at $175.77. There was little upside for Litecoin through the day, in spite of some of the other major cryptos having a solid start to the day, with Litecoin’s intraday high $182 hit in the early hours.
A move through the day’s 23.8% FIB Retracement Level of $179.6 supported a run at $180 levels, though Litecoin failed to test the day’s first major support level of $188.83, with selling pressure building around the 38.2% FIB Retracement Level of $182.44.
It was downhill from there, with Litecoin falling to an intraday low $171.3 before making a partial recovery ahead of the day’s end.
At the time of writing, Litecoin was down 0.44% to $174.72, with the only good news from Tuesday being the fact that Litecoin hadn’t tested major support levels.
It’s still looking bearish for Litecoin this morning, a bearish trend having formed from Saturday’s swing hi $194.47.
For the day ahead, Litecoin will need to make a move through $176.77, the day’s 23.6% FIB Retracement Level, to support a run at $180 levels, though we will expect plenty of resistance at $180, with the day’s first major resistance level of $181.41 and the 38.2% FIB Retracement Level of $180.15 there to pin back any attempts to make a move through to $190 levels.
Failure to move through $176.77 and $180 could see Litecoin test the day’s first major support level of $170.71 later in the day. How much support Litecoin receives will boil down to the session in Congress later today.
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Ripple Bucks the Trend
Ripple’s XRP ended Tuesday relatively flat, down just 0.38% to $0.78014, while the intraday moves were on the choppier side, with Ripple’s XRP hitting an intraday high $0.80496 in the early hours of the day, before pulling back to an intraday low $0.7534 by the middle of the day.
The intraday high $0.80496 failed to test the day’s first major resistance level of $0.81924, ultimately keeping Ripple’s XRP on the defensive through the remainder of the day, investors having little reason to jump in at sub-$0.80 levels ahead of today’s session in Congress.
At the time of writing, Ripple’s XRP was up 0.6% to $0.77965, bucking the trend through the early part of the day, with NEM’s XEM and Cardano the only other two majors sitting in positive territory at the time.
For the day ahead, Ripple’s XRP will need to make a move through $0.7856, the day’s 38.2% FIB Retracement Level, to make a run at $0.80 levels and test the day’s first major resistance level of $0.8056.
Failing to break through in the early part of the day will likely see Ripple’s XRP resume the bearish trend formed late on Sunday, though the day ahead will not just be defined by the support and resistance levels, but also the session in Congress, who could surprise the markets and be crypto bulls.
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