Bitcoin Cash Makes More Ground
Bitcoin Cash ended the up 2.51% on Saturday, following Friday’s 16.3% rise, to end the day at $1,152.8, making it a 4th consecutive day of gains.
While sentiment has been particularly bullish for Bitcoin Cash in particular, ahead of next month’s hard fork, it was a particularly choppy day, with Bitcoin Cash falling from a morning high $1,174 to an intraday low $1,016 in the latter part of the morning, before rebounding through the 2nd half of the day.
Major support and resistance levels were untested through the day, while Bitcoin Cash called on support at the 23.6% FIB Retracement Level of $1,022.6 that ultimately led to a bounce back to an intraday high $1,187.7.
At the time of writing, Bitcoin Cash was down 2.2% to $1,128.7, the slide coming off the back of a start of the day $1,154.4 high that led to a pullback to a morning low $1,104.1 before recovering to current levels.
With support and resistance levels untested in the early part of the morning, a move through to the morning’s $1,154.4 high would support a run at the day’s first major resistance level of $1,221.67, though sentiment across the market will need to improve for Bitcoin Cash to break through key resistance levels today.
Failure to move back through to $1,150 levels will likely bring the day’s first major support level of $1,050 and 23.6% FIB Retracement Level of $1,049 into play that should be enough to prevent more material declines and support a bounce back through to $1,100 levels before the day’s end.
A lack of a weekend rally will have the bulls hoping for one in the middle part of the day, such a rally certainly favouring Bitcoin Cash hitting $1,200 levels.
Litecoin Coughs up $150
The Litecoin rally paused on Saturday, with Litecoin falling 4.48%, partially reversing Friday’s 6.46% gain, to end the day at $148.72.
After an initial move to an intraday high $157.1 within the first hour of the day, Litecoin saw red though the morning, sliding through the day’s first major support level of $147.25 and 23.6% FIB Retracement Level of $146 to an intraday low $141.02, before a partial recovery through the afternoon.
The good news for the market bulls was that Litecoin found plenty of buyers at key support levels, leading Litecoin to end the day above the 23.6% FIB Retracement Level, to leave the current near-term bull trend intact, Litecoin up 32.7% from 6th April’s swing lo $112.1 through to the day’s end.
At the time of writing, Litecoin was down 1.41% to $146.21, with a start of the day $148.74 high the only positive for the Litecoin bulls in the early part of the morning. Litecoin slipped to a morning low $145.01 before a partial recovery, with the lack of a Saturday rally leaving investors on the side lines, in search of the next rally or at least a dip to jump back in.
For the day ahead, a move back through to $150 levels would support a run at the day’s first major resistance level of $156.87, though any moves beyond will need the likes of Litecoin Cash in positive territory early on.
Failure to break back through to $150 levels will begin to test the near-term bullish trend formed at 6th April’s swing lo $112.1, with a pull back through the morning’s low bringing the day’s 1st major resistance level of $140.79 into play, buyer appetite at the 23.6% FIB Retracement Level of $146.48 dependent upon the broader market.
We will expect the bullish trend to continue, with the moves through the first half of the weekend considered to be a consolidation of the week’s gains rather than a reversal.
Ripple Sees Red
Ripple’s XRP slid 6.56% on Saturday, partially reversing Friday’s 18.53% rise, to end the day at $0.8652.
Following some solid gains in the 2nd half of the week, some consolidation was to be expected going into the weekend, with investors looking to lock in profits in search of a new dip before jumping back in.
Direction through the day was largely negative, with Ripple’s XRP hitting an intraday high $0.94744 within the first hour of the day.
A morning slide saw Ripple’s XRP tumble to an intraday low $0.80904 before partially recovering to $0.86 levels by the close.
While the day’s first major resistance level of $0.9964 was left untested through the day, support was called upon, with Ripple’s XRP falling through the 23.6% FIB Retracement Level of $0.8385 before support kicked in at the day’s first major support level of $0.8146, Ripple’s XRP managing to avoid testing sub-$0.80 support levels.
Ripple’s XRP managed to recover some of the losses through the afternoon, with an afternoon high $0.8859, but it was not meant to be on the day, with investors moving to the side lines after the week’s gains.
At the time of writing, Ripple’s XRP was down 1.67% to $0.85, with buyer appetite at the 23.6% FIB Retracement Level of $0.8385 being tested early on, Ripple’s XRP having fallen to a morning $0.83483 low at the start of the day.
The good news is that there has been some recovery in spite of the early losses, though Bitcoin and Bitcoin Cash will need to begin making a move for Ripple’s XRP to avoid a sizeable weekend loss.
A move back through to $0.90 levels would eleviate any near-term fears of a reversal of the near-term bullish trend, while a pullback through the 23.6% FIB Retracement Level of $0.8385 to the day’s first major support level of $0.8003 may bring sub-$0.80 levels into play should the broader market continue to leak the week’s gains.
While the bullish trend remains intact, Ripple’s XRP is going to need to make its move to avoid being brushed aside early in its bull run.