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Bob Mason
Cryptocurrencies investments

Bitcoin Cash Steadies

Bitcoin Cash fell by 1.66% on Wednesday, following a 5.79% slide on Tuesday, to end the day at $432.6.

Tuesday’s second half of the day sell-off continued through Wednesday morning, with Bitcoin Cash sliding through the day’s first major support level at $517.17 to a late morning intraday low and new swing lo $410 before support kicked in.

An afternoon recovery saw Bitcoin Cash recover to an afternoon high $436.2 before settling. The day’s first major resistance level at $469.67 was left untested on the day, with the new swing lo reaffirming the extended bearish trend formed at early May’s swing hi $1,849.9.

At the time of writing, Bitcoin Cash was up 1.27% to $437.6, the second half of the day rebound on Wednesday continuing into the early hours, Bitcoin Cash rising to a morning high $443 before easing back to $433 levels, Bitcoin Cash coming up against the day’s first major resistance level at $445.

For the day ahead, holding on to $430 levels would support another run at the first major resistance level at $445, with a break through to $450 levels and a run at the day’s second major resistance level at $457.4 in play should the EU news wires be crypto friendly later in the day.

Failure to hold on to $430 levels could see Bitcoin Cash hit reverse later in the day, with a pullback through a morning low $432.5 bringing sub-$420 levels and the day’s first major support level at $415.10 into play.

A pullback to test the day’s second major support level at $397.6 could be on the cards should EU Finance Ministers threaten the European cryptomarkets with new rules and regs later today.

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Litecoin in Recovery Mode

Litecoin fell by 0.52% on Wednesday, following on from Tuesday’s 4.4% slide, to end the day at $51.7.

Tracking the broader market, Litecoin slid through the first major support level at $49.67 and second major support level at $47.43 to an early afternoon intraday low and new swing low $47.19 before finding support.

A broad market rally through the afternoon saw Litecoin retrace the morning’s losses to hit an intraday high $52.08 before easing back to $51 levels by the day’s end, the new swing lo $47.19 reaffirming the extended bearish trend formed at early May’s swing hi $182.35.

At the time of writing, Litecoin was up 2.79% to $53.04, with Litecoin moving from a start of a day morning low $51.6 to an early morning high $53.63 before easing back, the early rally seeing Litecoin test the day’s first major resistance level at $53.46 before easing back.

For the day ahead, holding on to $53 levels would support another run at the day’s first major resistance level to bring $54 levels into play, with a run at the day’s second major resistance level at $55.21 on the cards should the news wires remain friendly on the day, focus being on the EU later today.

Failure to hold on to $53 levels could see Litecoin hit reverse later in the day, with a pullback through to $50 levels bringing the day’s first major support level at $48.57 into play, support to be dictated by the news wires this evening, which could ultimately see the broader market see deep red.

Ripple Moves Ahead

Ripple’s XRP gained 2.62% on Wednesday, reversing Tuesday’s 2.52% fall, to end the day at $0.26997.

Succumbing to the broad based sell-off through the morning, Ripple’s XRP fell to a mid-morning intraday low $0.25325 before finding support, the moves through the early morning leaving the day’s major support and resistance levels untested.

Moving ahead of the majors, Ripple’s XRP rallied through the afternoon to an intraday high $0.27386, falling short of the day’s first major resistance level at $0.2747, before easing back to sub-$0.27 levels by the day’s end, while holding on to a trend bucking gain for the day.

At the time of writing, Ripple’s XRP was up 0.9% to $0.27233, with Ripple’s XRP tracking the broader market in the early hours, moving to an intraday high $0.276 before easing back, the moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $0.276 would support a run at the day’s first major resistance level at $0.2781 to bring $0.28 levels into play, though holding on to $0.28 levels may prove to be a challenge.

Failure to move back through the morning high could see Ripple’s XRP hit reverse later in the day, with a fall through $0.265 bringing $0.25 levels and the day’s first major support level at $0.2575 into play before any recovery that would be news dependent.

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