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Bob Mason
consensus

Bitcoin Cash Looks for a Rebound

Bitcoin Cash slid by 2.86% on Wednesday, following on from Tuesday’s 0.38% fall, to end the day at $517, Bitcoin Cash seeing red for a 5th day in 6.

A particularly bearish start to the day saw Bitcoin Cash slide from an early morning intraday high $534 to a late morning intraday low $507, Bitcoin Cash falling through the first major support level at $517.2 to come within range of the second major support level at $503.1 before recovering to $520 levels.

It was another bearish end to the day, with Bitcoin unable to hold on to $520 levels by the day’s end.

At the time of writing, Bitcoin Cash was up 3.04% to $532.7, a bullish start to the day seeing Bitcoin Cash move from a morning low $516.1 to a morning high $532.8, breaking through the first major resistance level at $531.67.

For the day ahead, holding on to $530 levels through the morning would support a run at $540 levels later in the day, though we can expect plenty of resistance at $540 that will likely see Bitcoin Cash fall short of the day’s second major resistance level at $546.33.

Failure to hold on to $530 levels through the morning could see Bitcoin Cash pull back to sub-$520 levels, with any fall through the morning low $516.1 likely to see Bitcoin Cash test the day’s first major support level at $504.67 before any recovery.

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Litecoin on the Move

Litecoin slid by 3.31% on Wednesday, following on from Tuesday’s 1.69% loss, to end the day at $57.24, the fall marking a 6th consecutive day in the red and 10 days in the red out of the last 12.

Tracking the broader market through the morning, Litecoin slid from a start of a day intraday high $59.32 to an intraday low $56.55, the reversal seeing Litecoin fall through the first major support level at $58.09 and second major support level at $57 before finding support to recover to $58 levels.

A late sell-off saw Litecoin pullback through the first and second major support levels to match the morning intraday low $56.55 before recovering to $57 levels.

At the time of writing, Litecoin was up 2.55% to $58.71, with Litecoin rallying from a start of a day morning low $57.08 to a morning high $58.9 to test the day’s first major resistance level at $58.86 before easing back.

For the day ahead, a move back through the first major resistance level would support a run at $60 levels to bring the second major resistance level at $60.47 into play, Litecoin needing to hold on to $58 levels to support an afternoon rally.

Failure to hold on to $58 levels could see Litecoin reverse the morning’s gain, with a pullback through $57.7 likely to bring sub-$57 levels and the day’s first major support level at $56.09 into play before any recovery.

Ripple Joins the Pack

Ripple’s XRP bucked the market trend on Wednesday following Tuesday’s 10.59% slide, rising by 2.2% to end the day at $0.5287.

Recovering from a start of a day intraday low $0.50673, Ripple’s XRP moved through to a late morning intraday high $0.53594 before easing back, the moves through the morning leaving the major support and resistance levels untested.

A relatively range bound second half of the day saw Ripple’s XRP hold on to the day’s gains, whilst the broader market saw red.

At the time of writing, Ripple’s XRP was up 2% to $0.53897, a broad based cryptomarket rally providing support early on, Ripple’s XRP hitting an early morning intraday high $0.5441 to test the first major resistance level at $0.5409 before pulling back to $0.53 levels.

For the day ahead, a move back though to $0.54 levels would bring $0.55 levels and the day’s second major resistance level at $0.5530 into play, though Ripple’s XRP would need to break back through the first major resistance level by the early afternoon to support an afternoon rally.

Failure to move back through to $0.54 levels could see Ripple’s XRP reverse the morning’s gain, with any slide to $0.52 levels likely to see $0.51 levels and the day’s first major support level in play, Ripple’s XRP needing to hold above $0.5238 to avoid a material decline on the day.

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