Bitcoin Cash Rallies Again
Bitcoin Cash surged by 18.76% on Sunday, following on from a 3.33% rise on Saturday, to end the day at $571.6, with 3 consecutive days of hard fork driven moves taking Bitcoin Cash to a 29.15% gain for the week.
A particularly bullish day saw Bitcoin Cash rally from a start of a day intraday low $480.4 to a late afternoon intraday high $593.8, breaking through the day’s major resistance levels and holding above the third major resistance level at $533.43 by the day’s end, with the gains coming off the back of anticipated support for BCH on 15th November hard fork.
At the time of writing, Bitcoin Cash was down 4.53% to $545.8, with Bitcoin Cash falling from a start of a day intraday high $572 to an early morning low $542, the day’s major support and resistance levels left untested as investors lock in some of last week’s profits.
For the day ahead, a move back through to $550 levels would support a move back into positive territory to bring $600 levels and the day’s first major resistance level at $616.8 into play, though much will depend on hard fork chatter through the day.
Failure to move back through $550 by the early afternoon could see Bitcoin Cash take a bigger hit later in the day, with a fall through the morning low $542 bringing the first major support level at $503.4 and sub-$500 levels into play before any recovery.
Litecoin Gets a Boost
Litecoin rallied by 6.46% on Sunday, reversing Saturday’s 1.02% loss with interest, to end the day at $53.88, Sunday’s rally taking Litecoin into positive territory and a gain of 4.54% for the week.
Tracking the broader market, Litecoin rallied from a start of a day intraday low $50.47 to a late afternoon intraday high $55.94, breaking through day’s major resistance levels and holding above the third major resistance level at $52.67 by the day’s end.
At the time of writing, Litecoin was down 1.19% to $53.24, with moves through the early morning seeing Litecoin fall from an early morning high $54.7 to a morning low $52.75 before steadying, the early moves leaving the day’s major support and resistance levels untested.
For the day ahead, a move back through $53.43 would support a run at $54 levels, with any bounce across the broader markets bringing $55 levels into play before any reversal, the day’s first major resistance level at $56.39 unlikely to be tested on the day.
Failure to move back through $53.43 could see Litecoin fall back further later in the day, with a pullback through the morning low $52.75 bringing sub-$52 levels into play, while we would expect Litecoin to steer clear of the first major support level at $50.92, barring materially negative news hitting the wires.
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See all Bitcoin forecastsRipple Lagged the Majors
Ripple’s XRP gained 2.79% on Sunday, reversing Saturday’s 1.12% fall, to end the day at $0.47008, with the day’s recovery giving Ripple’s XRP a 1.24% gain for the week.
A bearish start to the day saw Ripple’s XRP fall through the first major support level at $0.4535 to call on support at the second major support level at $0.4497 with a mid-morning intraday low $0.44929.
Tracking the broader market, Ripple’s XRP rallied through the day’s major resistance levels to an intraday high $0.47854 before falling back through the third major resistance level at $0.4776 late in the day, some volatility returning to the cryptomarket through the weekend.
At the time of writing, Ripple’s XRP was down 0.52% to $0.46764, with moves through the early morning seeing Ripple’s XRP fall from an early morning high $0.47155 to a morning low $0.46500 before steadying, the days major support and resistance levels left untested early on.
For the day ahead, a move back through to $0.47 levels and the morning high $0.47155 would support a run at $0.48 levels and the day’s first major resistance level at $0.4827, though we would expect Ripple’s XRP to face plenty of resistance on any move through to $0.48 levels to pin Ripple’s XRP back to $0.47 levels by the day’s end, in the event of an afternoon rally.
Failure to move back through to $0.47 levels could see Ripple’s XRP fall deeper into the red, with a fall through the morning $0.46500 bringing $0.45 levels and the first major support level at $0.4534 into play, heavier losses in the day unlikely barring particularly negative news hitting the wires.