Bitcoin Cash on the Slide
Bitcoin Cash had a choppy day on Thursday to end the day down 0.94% to $640.7.
Following an early intraday high $656.7, the cryptomarkets went into reverse through to the middle part of the day, with Bitcoin Cash falling to an intraday low $614.8 before recovering to $640 levels by the close, with key support and resistance levels untested through the day.
The good news was the 2nd half of the day recovery, easing concerns of another sell-off, following Wednesday’s 8.63% reversal to Tuesday’s rally.
With Thursday ending the day flat, the longer-term bearish trend formed back at 21st March swing hi $1,084 remains intact, with Bitcoin Cash needing to move through to $800 levels to reverse the bearish trend.
At the time of writing, Bitcoin Cash was down 0.82% to $635, with the longer-term bearish trend continuing through the morning, an early $646.1 high falling short of the day’s first major resistance level of $660, while the morning’s low $628.2 came within reach of the day’s first major support level of $618, bringing into play sub-$600 support levels should sentiment deteriorate in the middle of the day.
For the day ahead, a pullback through this morning’s low will likely see the first major support level tested, though we would expect Bitcoin Cash to find support at the low $600 levels ahead of the weekend, barring negative news hitting the wires.
A move through the day’s $646.1 high would support a run at the first major resistance level, though any moves through to $700 levels and a run at the 23.6% FIB Retracement Level of $725.5 will likely be on hold going into the weekend.
The bearish trend has persisted, in spite of a mid-week attempt to break out of the current rut.
Litecoin in Reverse
Litecoin bucked the trend on Thursday, gaining 0.56% to end the day at $118.9, following Wednesday’s 12.05% reversal to Tuesday’s 12.53% rally.
Recovering from a start of the day fall to an intraday low $113.75, Litecoin managed to move back through to $120 levels through the middle of the day, with an intraday high $122.87, before moving within tight ranges in the second half of the day.
Major support and resistance levels were untested on the day, Litecoin steadying from a volatile first half of the week, as investors continue to lock in profits over fears of a negative outcome to the regulatory overhaul that is underway at present.
Good news for Litecoin investors was the close in positive territory, bucking the trend amongst the front runners, though ending the day at sub-$120 levels continues to affirm the bearish trend formed back at 21st March swing hi $175.5.
Through the early part of this morning, Litecoin was down 3.07% to $115.13, wiping out Thursday’s 0.56% as the market gets hit with another wave of bearish sentiment.
A morning $120.5 high fell short of the day’s first major resistance level of $123.26 and 23.6% FIB Retracement Level of $124.9, with Litecoin taking a dive in the last hour, heading for the day’s first major support level of $114.14.
For the day ahead, the negative sentiment across the market could see support falter at $114.14, bringing into play the 2nd support level of $109.39, which should find some buying interest as investors hold out for the dips.
A move back through to the morning’s $120.5 high would support a run at the first major support level, with selling pressure at the 23.6% FIB Retracement Level likely to be dictated by broader market sentiment later in the day.
Ripple makes the wrong kind of splash
Ripple’s XRP slipped by just 0.17% on Thursday, following Wednesday’s 10.43% slide, to end the day at $0.48839, with $0.50 levels continuing to be a key level for Ripple’s XRP this week.
A start of the day fall to an intraday low $0.47143 held above the day’s first major resistance level of $0.4629, with a broad based market recovery through the morning, seeing Ripple’s XRP move through to an intraday high $0.4994, before easing back to $0.48 levels by the day’s end.
There was very little for investors to consider on the day and, with major resistance and support levels untested, the lack of any dips leaving investors side-lined.
The days ahead will be telling for the cryptomarket, with talks of a material outflow weighing on sentiment ahead of a planned roll out of crypto regs by the end of the July.
Recent moves suggest that the uncertainty on what lies ahead is to blame for the increased volatility, with concerns across the global financial markets of a possible trade war between China and the U.S just another reason for investors to avoid the volatility associated with the cryptomarket.
At the time of writing, Ripple’s XRP was down 2.53% to $0.47812, as selling pressure across the market began to weigh ahead of the afternoon session.
A start of the day $0.49826 high fell short of the day’s first major resistance level of $0.5014, with $0.50 levels continuing to be a challenge for Ripple’s XRP, leading to a pullback to a morning low $0.47172 in the last hour, as jitters grip the cryptomarket going into the weekend.
For the day ahead, a move back through to $0.48 levels would support a run at the morning’s high to bring $0.50 levels into play, though market sentiment will need to shift through the middle part of the day for Ripple’s XRP to avoid testing the day’s 2nd support level of $0.4584, Ripple’s XRP having fallen through the day’s first major support level of $0.4734 with this morning’s low.
There’s been no particularly negative news to bring about the resumption of the bearish trend, with investors continuing to fret over the prospect of regulations in the coming weeks and months.