Bitcoin Cash in Reverse
Bitcoin Cash fell by 3.31% on Sunday, partially reversing Saturday’s 5.81% gain, to end the week up 1.37% at $747.5.
A start of the day intraday high $783.3 failed to test the first major resistance level at $802.7, before easing back to a $760 levels through the early hours of the day.
Following a particularly range bound day that saw Bitcoin Cash hover between $760 – $770, a late in the day sell-off saw Bitcoin Cash slide to an intraday low $739.3, before recovering to $740 levels by the day’s end, Bitcoin Cash managing to avoid testing the first major support level at $728.7 on the day.
At the time of writing, Bitcoin Cash was down 0.41% to $746, with morning $753.9 high coming at the start of the day, before Bitcoin Cash pulled back to a morning low $737.8, the moves through the morning leaving major support and resistance levels untested following Sunday’s late in the day sell-off.
For the day ahead, a move back through the morning’s high to $756.7 would support a run at the first major resistance level at $774.1 to bring $800 levels back into play, though sentiment across the broader market will need to improve, Sunday’s pullback giving the reins back to the bears at the start of the week.
Failure to move through $756.7 to test the first major resistance level could see Bitcoin Cash pullback to $730 levels to test the day’s first major support level at $730.1, with sentiment across the broader market to dictate whether the second major support level at $712.7 will be tested before any recovery.
Litecoin Fails to Consolidate
Litecoin fell by 2.93% on Sunday, reversing Saturday’s 2.71% gain, to end the week up 2.9% at $82.21.
Following the broader market, a start of the day intraday high $85.72 saw Litecoin fall short of the day’s first major resistance level at $87.14 before pulling back to a morning low $83.35. With support kicking in through the late morning, a move back through to $85 levels came up against strong resistance, with the broad based market sell-off late in the day seeing Litecoin slide to an intraday low $82.
While Litecoin managed to avoid the day’s first major support level at $81.36, the reversal left Litecoin with minor gains for the week and brought to an end hopes of near-term bullish trend formation.
At the time of writing, Litecoin was flat at 82.2, with a start of the day high $82.87 and early morning $81.2 low leaving the day’s major support and resistance levels untested early on, Litecoin tracking the broader market.
For the day ahead, a move through to $83 levels would support a run at the first major resistance level at $84.62 to bring $85 levels back into play, though we will expect Litecoin to fall short of the day’s second major resistance level at $87.03 and $90 levels on the day.
Failure to move through to $83 levels in the early afternoon could see Litecoin pullback to test the day’s first major support level at $80.9, while we would expect sub-$80 support levels to remain untested barring materially negative news hitting the wires.
Ripple Hits the Brakes
Ripple’s XRP slipped by 1.05% on Sunday, partially reversing Saturday’s 1.81% gain, to end the week up 3.77% to $0.47867.
Bucking the broader market through most of the day, Ripple’s XRP managed to find support through the morning, rising to an intraday high $0.48855 in the middle of the day before easing back to $0.47 levels, the day’s high leaving the first major resistance level at $0.4978 untested on the day.
A late in the day reversal, saw Ripple’s XRP fall to an intraday low $0.4762 before a partial recovery, with the day’s first major support level at $0.4663 also left untested on the day.
At the time of writing, Ripple’s XRP was down 0.51% to $0.47644, an early pullback from a morning high $0.48182 to a morning low $0.47471 leaving the day’s major support and resistance levels untested early on.
For the day ahead, a move back through to $0.4812 would support a run at the day’s first major resistance level at $0.4861 to bring $0.50 levels into play, though sentiment will need to materially improve for Ripple’s XRP to break out from the first major resistance level to take a run at the day’s second major resistance level at $0.4935.
Failure to move through $0.4812 could see Ripple’s XRP pullback to test the first major support level at $0.4738 later in the day, while sub-$0.47 support levels will likely remain untested.