Bitcoin Cash Tests Resistance Early
Bitcoin Cash gained 2.86% on Wednesday, following Tuesday’s 1.99% rise, to end the day at $668.2.
Moves through the majority of the day were relatively range bound on Wednesday, with Bitcoin Cash only managing to hit a morning high $658, after an initial fall to sub-$650 levels, leaving major support and resistance levels untested through the majority of the day.
Wednesday morning ‘s low $647.3 held well above the day’s first major support level of $629.67, with the early part of the day $658 falling short of the day’s first major resistance level of $664.17, before a late in the day rally saw Bitcoin Cash break through the first major resistance level, with an intraday high $670.8.
The end of day rally continued into the early hours of this morning, with Bitcoin Cash hitting an intraday high $685.9, breaking through the day’s first major resistance level of $676.9 and 2nd resistance level of $685.6, while continuing to fall short of $700 levels and the 23.6% FIB Retracement Level of $714.3.
At the time of writing, Bitcoin Cash was up 0.47% to $672.6, giving up gains from earlier in the morning.
For the day ahead, a move back above the day’s first major resistance level will be key to support a run at $700 levels, any pullback to sub-$670 likely to lead to a reversal, with Bitcoin Cash’s first major support level of the day sitting at $653.4 in play later in the day, in the event that sentiment turns.
Litecoin in Reverse
Litecoin gained 3.63% on Wednesday, reversing Monday and Tuesday’s losses, to end the day at $118.3.
Moves through the day were relatively subdued, with volatility having eased back following Monday’s late in the day sell-off, a middle of the day $115.99 providing some hope of a rally, the first part of the day high testing the day’s first major resistance level of $115.7
The day’s first major support level of $112.31 was left untested on Wednesday, with a day’s $113.21 low holding well above, as sentiment shifted late in the day, a broad based market rally driving Litecoin to a late intraday high $119.72, breaking through the day’s first major resistance level and 2nd resistance level of $117.24, before easing back at the day’s end.
In spite of the late rally, Litecoin continued to fall short of $120 levels for a 2nd consecutive day, with the 23.6% FIB Retracement Level out of reach for a 7th consecutive day.
At the time of writing, Litecoin was down 2.51% to $115.18, with sentiment across the cryptomarket mixed through the morning, Litecoin’s pullback having kicked in at the start of the day.
In spite of the morning fall, Litecoin managed to avoid testing the day’s first major support level of $114.43 though, should the current market sentiment persist, a pullback to test support levels will be likely before the end of the morning.
Any recovery later in the day will unlikely test the day’s first major resistance level of $120.94, with investors likely to play it safe through the day, following the early declines.
Ripple Sails Past $0.50
Ripple’s XRP rallied a whopping 10.8% on Wednesday, adding to Tuesday’s 0.83% gain, to end the day at $0.54143, in what was certainly a trend breaking move at the end of the day.
Through the first half of the day, Ripple’s XRP held at sub-$0.50 levels, before a move through to $0.50 levels in the early part of the afternoon.
The gains for the day came in the final hours, with Ripple’s XRP surging to an intraday high $0.55575, breaking through the key resistance levels for the day and more importantly, testing selling pressure at the 38.2% FIB Retracement Level of $0.5583.
It was certainly a bullish end to the day, with Ripple’s XRP having spent much of the day stuck in the ranges, an intraday low $0.48462 holding above the day’s major support level of $0.4773 in the morning.
At the time of writing, Ripple’s XRP was down 6.5% to $0.50441, with a slide from an early morning $0.54867 high to a morning low $0.50229 in the last couple of hours following a broad market sell-off.
The moves through the morning are not to dissimilar to Monday’s moves, but on a grander scale, with the day’s high and low yet to test major support and resistance levels, though with the day’s first major support level sitting at $0.4988, it’s not going to be too long before investor appetite is tested.
For the day ahead, holding at $0.50 levels will be key to support a recovery later in the day, with any fall to sub-$0.50 levels likely to see declines beyond the $0.4988.