Bitcoin Cash in Recovery Mode
Another tough day for the cryptomarket and Bitcoin Cash, as Bitcoin Cash slid 4.93% to end the day at $609.1, hitting levels not seen since the first week of November last year.
An early morning $646.1 provided little incentive for side lined investors to jump back in on hopes of a rally, with Bitcoin Cash falling short of the day’s first major resistance level of $660 and well short of the 23.6% FIB Retracement Level of $725.5, as Bitcoin Cash’s daily highs sat well below the $700 level for a 2nd consecutive day.
It ultimately boiled down to the lows on Friday, with Bitcoin Cash taking a tumble mid-morning to hit an intraday low $600.1, sliding through the day’s first major support level of $618.1 with ease, support at the $600 psychological level needed to hold Bitcoin Cash back from steeper declines on the day.
Holding above $600 was certainly a good result and, in spite of continued uncertainty over the regulatory outlook and heightened volatility across the global equity markets, the crypto bashing over the last week will likely draw in a few optimists.
For the week, Monday through to Friday’s day end, Bitcoin Cash fell by just 5.02%, most of the damage having been done through the 1st quarter.
At the time of writing, Bitcoin Cash was up 4.17%, reversing most of the week’s losses, with Bitcoin Cash bouncing to an early intraday high $634.7, following an initial dip to $607.2.
The morning’s high fell short of the today’s first major resistance level of $636.77, with support levels untested through the early part of the day.
For the day ahead, a run at the day’s first major resistance level should see Bitcoin Cash move through to $650 levels to bring the day’s 2nd support level of $664.43 into play, while $700 levels and the 23.6% FIB Retracement Level will likely be out of reach for the day.
Continued negative sentiment across the market will likely pin back any material gains through the weekend, with any shift in sentiment later in the day likely to bring sub-$600 support levels into play.
It’s a bullish start to the day, with the new wires on the quieter side, but the bearish trend remains intact, a move through the 38.2% FIB Retracement Level of $785 needed to reverse the current trend.
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Litecoin Back in the low $110s
Litecoin slipped by 4.36% on Friday to end the day at $113.5 as the crypto bears continued to rattle the markets following the mid-week anomoly that had seen Litecoin hit a $137.89 high for the week.
An intraday high $120.5 struck in the middle of the morning came off the back of a sideways start to the day, Litecoin having consolidated from the mid-week spike, with a 0.56% gain on Thursday. The day’s high failed to test the first major resistance level of $123.26 and 23.6% FIB Retracement Level of $124.9. Sentiment turned negative by mid-morning, leading to a sell-off that pulled Litecoin back to an intraday low $112.1 and through the day’s first major resistance level of $114.14 before support kicked in.
There were very few attempts to recover through the day, with the late in the day low continuing to affirm the bearish trend that has plagued crypto investors in recent weeks.
At the time of writing, Litecoin was up 3.93% to $117.37, with a broad based cryptomarket rally seeing Litecoin recoup the week’s losses in just a number of hours, with current valuations considered attractive and rightly so when factoring in the number of times Litecoin and its peers have fallen through and tested support levels through the week.
A morning $119.08 high broke through the day’s first major resistance level of $118.63 before pulling back to $117 levels, with investors likely to remain sensitive at key resistance levels following numerous sell-offs through the 1st quarter at these levels.
Litecoin fell short of the 23.6% FIB Retracement Level of $124.9, continuing to affirm the bearish trend formed back at the 21st March swing hi $175.5, with Litecoin needing to break through the 38.2% FIB Retracement Level of 134.57 to reverse the current trend.
For the day ahead, a move back through to the day’s $119 high would support a run at the 2nd resistance level of $123.77, bringing the 23.6 FIB Retracement Level into play, with sentiment across the broader market most likely to dictate selling pressures at key resistance levels this afternoon.
A failure to move through to $119 levels will likely see a reversal through the afternoon, which could see Litecoin test the day’s support levels, the first major support level sitting at $110.23.
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Ripple in Search of $0.50
Ripple’s XRP joined its peers in the red on Friday, falling by 4.06% to end the day at $0.47071 and the week with a 2.01% loss, which will be considered relatively minor when compared with previous weeks.
The moves through the morning were consistent with the rest of the crypto majors, Ripple’s mid-morning intraday high $0.4951 falling short of the day’s first major resistance level of $0.5014 and 23.6% FIB Retracement Level of $0.518.
A pullback at the morning’s high saw Ripple’s XRP slide to an intraday low $0.45716, falling through the day’s first major support level of $0.4734 and the day’s 2nd support level of $0.4584 before support kicked in to support a move back to $0.47 levels by the day’s end.
The bearish trend formed back at 19th March’s swing hi $0.72872 was affirmed with the day’s fall through and close below the day’s first major support level.
At the time of writing, Ripple’s XRP was up 2.94% to $0.48562, the gains coming within the first few hours of the morning, Ripple’s XRP bouncing back to an early morning $0.49247 high, to partially reverse Fridays 4.06% slide.
The morning’s high saw a pull back to $0.48 levels, with Ripple’s XRP seeing selling pressure at the day’s first major resistance level of $0.4915, the morning’s low $0.46635 coming at the start of the day, before the early moves that have been seen across the cryptomarket this morning.
For the day ahead, the bulls will be in search of $0.50 levels and a run at the day’s 2nd resistance level of $0.5123 and 23.6% FIB Retracement Level of $0.518 to begin drawing in side lined investors and begin reversing the persistently bearish trend.
With the main factors behind the bearish trend still in place, we will expect Ripple’s XRP to pull back at key resistance levels, with $0.51 levels likely to be a step too far for the day, any failure to move back through to $0.49 levels likely see a move back towards Friday’s $0.45716 low, bringing the day’s 1st major support level of $0.4535 into play. Sentiment across the broader market would need to materially deteriorate through the middle of the day for such a reversal however, investors enjoying a weekend rally.
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