It's a choppy start to the day, with resistance levels tested before hitting reverse... A recovery would need to kick in by late morning to stop the rot...
Bitcoin Cash ABC fell by 0.76% on Wednesday. Following on from a 0.63% decline on Tuesday, Bitcoin Cash ABC ended the day at $205.99.
A bearish start to the day saw Bitcoin Cash ABC fall from an early morning intraday high $207.56 to a mid-afternoon intraday low $203.91.
While falling short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $204.0.
Steering clear of the second major support level at $201.33, Bitcoin Cash ABC recovered to $206 levels before easing back.
At the time of writing, Bitcoin Cash ABC was down by 0.61% to $204.74. A choppy start to the day saw Bitcoin Cash ABC rise to an early morning high $207.75 before falling to a low $204.74.
Bitcoin Cash ABC came up against the first major resistance level at $207.73, whilst steering clear of the support levels.
A move back through to $205.80 levels would support another run at the first major resistance level at $207.73.
Bitcoin Cash ABC would need the support of the broader market, however, to break back through to $207 levels.
Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.
Failure to move back through to $205.80 levels could see Bitcoin Cash ABC spend a 4th consecutive day in the red.
A fall through to $204.50 levels would bring the first major support level at $204.08 into play.
Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of the second major support level at $202.17.
Major Support Level: $204.08
Major Resistance Level: $207.73
23.6% FIB Retracement Level: $269
38% FIB Retracement Level: $316
62% FIB Retracement Level: $393
EOS fell by 1.12% on Wednesday. Following on from a 2.04% slide on Tuesday, EOS ended the day at $2.5851.
Bullish through the morning, EOS rose to an early afternoon intraday high $2.6360 before hitting reverse.
Falling short of the first major resistance level at $2.6742, EOS slid to a mid-afternoon intraday low $2.5556.
The sell-off saw EOS fall through the first major support level at $2.5653 before finding support.
While breaking back through the first major support level, however, EOS Failed to move back through to $2.6 levels.
At the time of writing, EOS was down by 0.77% to $2.5653. A mixed start to the day saw EOS rise to an early morning high $2.6108 before falling to a low $2.5533.
In spite of the early moves, EOS left the major support and resistance levels untested early on.
EOS would need to move back through to $2.5930 levels to support a run at the first major resistance level at $2.6292.
Support from the broader market would be needed, however, for a break out from the morning high $2.6108.
Barring a broad-based rebound, resistance at $2.6 would likely limit any upside on the day.
Failure to move back through to $2.5930 levels could see EOS slide deeper into the red.
A fall back through to $2.55 levels would bring the first major support level at $2.5488 into play.
Barring an extended sell-off, however, EOS should steer clear of sub-$2.54 levels.
Major Support Level: $2.5488
Major Resistance Level: $2.6292
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum fell by 1.55% on Wednesday. Following on from a 1.18% decline on Tuesday, Ethereum ended the day at $143.29.
A relatively bullish start to the day saw Ethereum strike an early morning intraday high $146.29 before hitting reverse.
Falling short of the first major resistance level at $147.90, Ethereum slid to a mid-afternoon intraday low $142.01.
The reversal saw Ethereum fall through the first major support level at $143.49.
Finding support late in the day, Ethereum moved back through to $143 levels to limit the downside on the day.
At the time of writing, Ethereum was down by 1.77% to $140.76. A choppy start to the day saw Ethereum strike an early morning high $144.09 before sliding to a low $140.56.
Falling short of the major resistance levels, Ethereum fell through the first major support level at $141.44.
Ethereum would need to move through the first major support level to $144 levels to support a run at the first major resistance level at $145.72.
Support from the broader market would be needed, however, for Ethereum to break out from this morning’s high $144.09.
Barring a broad-based crypto rebound, Ethereum would likely come up short of $145 levels on the day.
Failure to move back through to $144 levels could see Ethereum struggle through the day.
A fall back through the morning low $140.56 would bring sub-$140 levels into play.
Barring a crypto meltdown, the second major support level at $139.58 should limit any downside.
Major Support Level: $141.44
Major Resistance Level: $145.72
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
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Thanks, Bob
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.