It's a relatively positive early morning, but a start of a day slide to call on support levels could test investor resilience later in the day.
Bitcoin Cash ABC fell by 0.45% on Saturday, following on from a 0.74% fall on Friday, to end the day at $175.14.
A bullish start to the day saw Bitcoin Cash ABC rally to a late morning intraday high $128.37, coming within range of the first major resistance level at $128.60 before hitting reverse.
Sliding through the late morning and afternoon, Bitcoin Cash ABC fell to an intraday low $125.00 to call on support at the day’s first major support level at $125.25 before steadying.
At the time of writing, Bitcoin Cash ABC was up 0.57% to $125.85. Bitcoin Cash ABC fell through the first major support level at $123.97 to a morning low $123.21 before recovering to $125 levels and a morning high $125.85.
For the day ahead, a move through to $126 levels would be needed to bring $127 levels and the day’s first major resistance level at $127.34 into play. We would expect Bitcoin Cash ABC to come up short of $129 levels and the second major resistance level at $129.54, with Saturday’s high $128.37 likely to pin Bitcoin Cash ABC back on the day.
Failure to move through to $126 levels could see Bitcoin Cash ABC return to the red later in the day. A pullback to $124 levels would likely to bring the first major support level at $123.97 back into play before any recovery. Sub-$123 support levels are unlikely to be in play on the day, barring a broad based crypto sell-off that could bring the second major support level at $122.80 into play.
Litecoin fell by 0.27% on Saturday, partially reversing a 0.8% rise from Friday, to end the day at $32.64.
Tracking the broader market through the morning, Litecoin rallied to a late morning intraday high $34.00, breaking through the first major resistance level at $33.17 and second major resistance level at $33.62 to hit $34 levels for the first time since 10th January before easing back.
An early morning intraday low $32.51 saw Litecoin steer well clear of the first major support level at $32.06, while the late pullback brought to an end 5 consecutive days in the green.
At the time of writing, Litecoin was up 0.67% to $32.86, with a fall to a morning low $32.15 seeing Litecoin test the day’s first major support level at $32.10 before rebounding to a morning high $32.9.
For the day ahead, a move through to $33 levels would be needed to bring the first major resistance level at $33.59 into play before any pullback. We would expect Saturday’s high $34 to pin Litecoin back from a breakout to test the day’s second major resistance level at $34.54 on the day.
Failure to move through to $33 levels could see Litecoin hit reverse later in the day, with a pullback through $32.50 levels likely to bring the first major support level at $32.10 into play. A broad based crypto sell-off could bring $31 levels and the second major support level at $31.56 into play before a move back through to $32 levels.
Ripple’s XRP slipped by 0.31% on Saturday, following on from a 1.13% fall on Friday, to end the day at $0.3185.
Rallying through the early part of the day, Ripple’s XRP struck a late morning intraday high $0.32529, breaking through the first major resistance level at $0.3246 before hitting reverse.
Sliding through the late morning and afternoon, Ripple’s XRP fell to an intraday low $0.31850, holding above the first major support level at $0.3144 before steadying to a relatively range bound final part of the day.
At the time of writing, Ripple’s XRP was down 0.09% to $0.31820, with moves through the morning seeing Ripple’s XRP recover from a start of a day morning low $0.31502 to strike a morning high $0.31919 before easing back. The early dip saw Ripple’s XRP fall through the first major support level at $0.3162 before finding support.
For the day ahead, a move back through the morning high $0.31919 to $0.32 levels would be needed to bring the first major resistance level at $0.323 into play before any pullback. Barring a broad based rally, we would expect the second major resistance level at $0.3276 to pin Ripple’s XRP back from break through to $0.33 levels on the day.
Failure to move through to $0.32 levels could see Ripple’s XRP hit reverse later in the day, with a pullback through the first major support level at $0.3162 likely to see a return to the morning low $0.31502 before any recovery. We would expect Ripple’s XRP to steer clear of the second major support level at $0.3140.
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.