Bitcoin Cash slides on
Bitcoin Cash took another fall on Tuesday, sliding 7.52% off the back of Monday’s 4.9% fall, to end the day at $1,136.1.
There was nowhere for investors to hide other than on the side lines as more pulled out, with Bitcoin Cash’s day high $1,229.5 coming at the start of the day, Monday’s bearish trend continuing through Tuesday.
Downward moves through the day saw Bitcoin Cash fall through the day’s first major support level at $1,192.1 and second major support level at $1,154.9 to an intraday low and new swing lo $1,121.2 before a partial recovery at the day’s end.
The new swing lo reaffirmed the bearish trend formed at 5th May’s swing hi $1,849.9, with Bitcoin Cash now some distance from the 23.6% FIB Retracement Level at $1,293.
At the time of writing, Bitcoin Cash was down 2.67% to $1,102.7, the now extended bearish trend showing little signs of reversing, the cryptomarkets getting very little positive news to draw side lined investors back into the market.
A start of the day fall to $1,102.4 found some support before a slide to a morning low and new swing lo $1,095, testing the day’s first major support level at $1,095.03 in the last hour.
For the day ahead, Bitcoin Cash would need to move back through to $1,100 levels to $1,160 to support a run at $1,200 to test the day’s first major resistance level and draw inventors in on hopes of a rebound. Any upside will likely be limited however, with the 23.6% FIB Retracement Level of $1,293 out of reach today.
Failure to break back through to $1,100 levels would support a more material decline through the middle part of the day, with the day’s second major support level at $1,053.97 and sub-$1,000 support levels in play should Bitcoin Cash struggle to find buyers at current levels.
The last time Bitcoin Cash was down at sub-$1,100 levels was on 22nd April and 21st April for sub-$1,000 levels.
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Litecoin back in the $120s
Litecoin’s troubles continued on Tuesday, sliding 4.38% to end the day at $128.38, the first sub-$130 close since 17th April.
It’s been a bad start to the week, with Monday’s 3.64% fall having reversed Sunday’s gains, as investors continued to march out of the cryptomarket ahead of what is expected to be a busy summer, as regulators roll out global policies and exchanges fall under the scrutiny of the likes of the SEC.
Bucking the trend through the early part of the day, Litecoin managed to strike an intraday high $135.75 mid-morning, before falling foul of the broader market sell-off, the day’s high falling well short of the first major resistance level at $138.34 and the 23.6% FIB Retracement Level of $142.
The second half of the day sell-off saw Litecoin slide through the day’s first major support level at $131.89 and second major support level at $129.49 to an intraday low and new swing lo $127.6, before partially recovering to $128 levels by the day’s end.
Litecoin’s new swing lo and losses through the start of the week reaffirmed the bearish trend formed at 5th May’s swing hi $182.35 and other than speculative moves, there’s unlikely to be much that can shift the bearish sentiment ahead of the summer.
At the time of writing, Litecoin was down 0.9% to $126.96, with Tuesday’s sell-off spilling over to this morning, Litecoin hitting a morning low and new swing lo $126.13 before a partial recovery.
This morning’s sell-off is broad based, though Litecoin has fared better than some of its peers early on.
For the day ahead, a move back through the day’s $129.35 high into the $130s would ease some of the bearish sentiment that has pinned Litecoin back, though sentiment would need to see a vast improvement for Litecoin to break through the day’s first major resistance level at $133.55 and look to recover to $140 levels later in the week.
Failing to move through to the $130s could see another sell-off later in the day, with the day’s first major support level at $125.4 in play, with the bearish trend pointing to sub-$120 levels before any possible recovery.
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Ripple follows the pack
Ripple’s XRP slid by 5.45% on Tuesday, following Monday’s 3.39% fall, to end the day at $0.63803, the lowest close since 12th April’s $0.5413.
A fall at the start of the day set the tone for Ripple’s XRP, though there was some resilience through the morning, before an afternoon sell-off saw Ripple’s XRP slide through the day’s first major support level at $0.6570 and the day’s second major support level at $0.6391 to an intraday low and new swing lo $0.63424.
The new swing lo reaffirmed the bearish trend formed at late April’s swing hi $0.96837, with the prospects of moving back to $1.00 levels slim at best over the near-term.
With no materially negative news hitting the wires, sentiment towards the planned rolled out of new regs has ultimately done the damage, much of the market reversal coming off the back of news from South Korean and Japanese regulators earlier in the month.
At the time of writing, Ripple’s XRP was down 1.42% to $0.62915, the morning’s sell-off a follow on from Tuesday’s broad based pullback.
Ripple’s XRP slid to a morning low and new swing lo $0.62236 before a partial recovery, the good news early on being the hold at the day’s first major support level at $0.6222, though things could change later in the morning should sentiment fail to improve.
For the day ahead, a move back through the morning’s $0.64873 high to $0.65 levels would support a run at the day’s first major resistance level at $0.6660, while any run at $0.70 levels and the 23.6% FIB Retracement Level of $0.7131 will be unlikely through the day.
Failure to move back through to $0.64 levels could see an afternoon slide to bring the day’s second major support level at $0.6063 into play, with Ripple’s XRP having managed to avoid sub-$0.60 levels since 13th April.
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