Bitcoin Cash Goes Red
Bitcoin Cash saw red for the first time since 17th April on Tuesday, with a 1.59% fall to end the day at $1,414. The reverse came off the back of a 20.61% rally on Monday, as investors looked to lock in some profits in the latest bull-run that has extended since 6th April.
An intraday high $1,578.3 saw Bitcoin Cash break through the day’s first major resistance level of $1,535.07 in the early part of the day, before an extended slide through the afternoon that led to an intraday low $1,389.2.
For the bulls, Bitcoin Cash’s hold above the first major support level of $1,262.77 and 23.6% FIB Retracement Level of $1,256.8 will have been key to support upward momentum ahead of next month’s fork.
At the time of writing, Bitcoin Cash was up 1.44% to $1,425.2, with Bitcoin Cash recovering from Tuesday’s fall at the start of the day, moving through to a morning high $1,442.7 in the last hour. Whether Bitcoin Cash can move back to Monday’s swing hi $1,578.3 remains to be seen, with the size of any gains today likely to be in the hands of sentiment across the broader market.
A move back through to $1,450 would support a run at $1,500 levels to bring the first major resistance level of $1,531.8 into play, though some degree of caution, following Tuesday’s fall, will likely have an influence, investors realizing that it’s not just onwards and upwards.
Any pullback to test the $1,400 psychological support level could see an extended reversal, with market sentiment at the time of writing likely to pin Bitcoin Cash back early in the day, while we would expect the day’s first major support level of $1,342.7 and 23.6% FIB Retracement Level of $1,347.5 to be left untested.
Litecoin hits the $160s
The Litecoin revival continued on Tuesday, Litecoin gaining 7.88% off the back of Monday’s 4.1% rise, to end the day at $164.62, its highest close since a 22nd March $165.14.
Upward momentum continued through the day, with the day’s $159.01 low coming in the early hours of the morning, the low holding well above the first major support level of 148.21 and 23.6% FIB Retracement Level of $146.48.
The day’s high $165.87 broke through the day’s key resistance levels with relative ease, Litecoin closing out the day above the 3rd resistance level of $164.51.
At the time of writing, Litecoin was down 1.29% to $162.59, with the broader market moving in reverse in the early part of the day, in spite of both Bitcoin and Bitcoin Cash being in positive territory early on.
Litecoin moved from a start of the day $157.74 low through to an early morning high $164.84 before easing back, with the day ahead likely to be a tricky one for Litecoin investors.
For the bulls, a move through to $165 would support a run at the day’s first major resistance level of $169.46 and $170 levels, though we would expect resistance to be on the larger side mid-week, as investors consider recent moves and what lies ahead.
Failure to move through to $170 could see Litecoin give up some gains from the recent bull trend, though we would expect Litecoin to hold above the day’s first major support level of $156.18 and 23.6% FIB Retracement Level of $153.2, barring materially bad news hitting the wires.
Ripple Struggles Early
Ripple’s XRP gained 5.79% on Tuesday, following Monday’s 2.16% rise, to end the day at $0.92533. Momentum remained in favour of Ripple’s XRP through the day, with the day’s low $0.867 coming at the start of the day.
After giving up $0.90 levels on Monday, Ripple’s XRP managed to move back through to $0.90 levels early on, break through the day’s first major resistance level of $0.895 before a rally through the 2nd resistance level of $0.9133 and 3rd resistance level of $0.9566 to an intraday high $0.96837 late in the day.
A hold at $0.90 levels will be a positive for the week ahead, with Ripple’s XRP coming with reach of $1.00 levels and with good reason, the day’s major support levels left untested through the day.
At the time of writing, Ripple’s XRP was down 1.75% to $0.90796, with a slide coming within the first hour of the day, Ripple’s XRP hitting a morning low $0.87809 before a recovery to $0.90 levels.
The day’s low left the first major support level of $0.8707 and buying appetite at the 23.6% FIB Retracement Level untested, a pullback in the broader markets, following some solid moves this month, seeing investors lock in some profits, with no materially negative news to weigh on investor appetite.
For the day ahead, an afternoon recovery could be on the cards, though Ripple’s XRP will likely need to pull back to sub-$0.90 levels to draw in investors, with Bitcoin Cash likely to give direction through the day.
A move through to Tuesday’s swing hi $0.96837 would bring $1.00 levels into play and, with the markets momentum driven at present, resistance levels would likely be on the weaker side should another rally ensue.