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Bob Mason
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Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash Sees the Bulls Fight On

Bitcoin Cash fell by 2.25% on Monday, reversing Sunday’s 1.65% rise, to end the day at $468.6.

A choppy start to the day saw Bitcoin Cash move through to an early morning intraday high $488.7 before hitting reverse, Bitcoin Cash sliding through the day’s first major support level at $464.67 to a late in the day intraday low and new swing lo $457.7 prior to a partial recovery to $460 levels.

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The moves through the day reaffirmed the extended bearish trend formed at early May’s swing hi $1,849.9

At the time of writing, Bitcoin Cash was up 0.84% to $470.6, with Bitcoin Cash moving from a start of a day low $465.3 to an early morning high $477.3 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $477.3 would support another run at $480 levels to bring the day’s first major resistance level at $485.63 into play, though with a similar trend formed at the start of Monday, some caution may pin back any material upside on the day.

Failure to move back through the morning high could see Bitcoin Cash take a hit later in the day, with a fall through $470 to the morning low $465.3 bringing sub-$460 levels and the day’s first major support level at $454.63 into play before any recovery. The day’s second major support level at $440.67 is unlikely to be tested barring materially negative news hitting the wires.

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Litecoin Consolidates

Litecoin fell by 0.71% on Monday, partially reversing Sunday’s 3.2% gain, to end the day at $54.4.

Tracking the broader market, Litecoin moved through to an early morning intraday high $56.49 before becoming a victim of a broad based market sell-off, the day’s high coming up short of the first major resistance level at $57.04.

A slide through the day saw Litecoin fall to a late afternoon intraday low $53.05, holding above the day’s first major support level at $52.47 to support a late in the day recovery to cut the deficit.

At the time of writing, Litecoin was down 0.42% to $54.07, with Litecoin moving to an early morning intraday high $54.81 before sliding back to a morning low $53.79, the morning moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high and hold above $54.65 would support another run at $55 levels to bring the day’s first major resistance level at $56.24 into play, though sentiment across the broader market will need to materially improve for Litecoin to bring an end to the downward trend on the daily highs to support a move back through Monday’s $56.49 high.

Failure to move back through the morning high could see Litecoin take a bigger hit later in the day, with a pullback to $53 levels bringing the day’s first major support level at $52.8 into play, a hold on to $54 levels through the morning needed to avoid a more material sell-off later in the day.

Ripple Down Again

Ripple’s XRP fell by 2.14% on Monday, following Sunday’s 0.13% gain, to end the day at $0.27048.

An early move through to an intraday high $0.28245 saw Ripple’s XRP fall short of the day’s first major resistance level at $0.2885, with the broad based crypto sell-off through the day leading to a slide to an afternoon intraday low $0.26. Ripple’s XRP fell through the day’s first major support level at $0.2683 to call on support at the day’s second major support level at $0.2594 before managing to recover to $0.27 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.1% to $0.26948, with Ripple’s XRP moving from a start of a day $0.2681 low to an early morning high $0.275 before reversing, the day’s major support and resistance levels left untested in the early hours.

For the day ahead, a move back through the morning high $0.275 would bring $0.28 levels and the day’s first major resistance level at $0.2820 into play, while Ripple’s XRP will likely struggle to take a run at $0.29 levels, with regulatory jitters continuing to weigh.

Failure to move back through $0.27% to the morning high could see Ripple’s XRP take a hit later in the day, with a downward trend on the daily lows supporting a possible reversal to sub-$0.26 levels to bring the day’s first major support level at $0.2595 into play before any recovery, a slide to sub-$0.25 levels unlikely barring materially negative news hitting the wires.

We will expect investors to get a little edgy ahead of the EU finance ministers’ meeting.

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