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Bob Mason
Crypto coins 77

Bitcoin Cash Looking for Support

Bitcoin Cash fell by 2.67% on Sunday, reversing Saturday’s 0.71% gain, to end the week down 15.6% at $441.7.

A bullish start to the day saw Bitcoin Cash rise to a mid-morning intraday high $458 before hitting reverse, the day’s high coming up against the first major resistance level at $458.13. After recovering through the afternoon from a late morning fall to $440 levels, a late in the day sell-off saw Bitcoin Cash slide through the first major support level at $445.93 to an intraday low $440.2 before finding support at the end of the day.

At the time of writing, Bitcoin Cash was up 0.59% to $446, with Bitcoin Cash calling on support at the first major support level at $435.27 with a start of a day slide to a morning low $435.5 to move through to a morning high $447.4 before steadying, the day’s high falling short of the first major resistance level at $453.07.

For the day ahead, a hold on to $446 levels through the morning would support another run at $450 levels to bring the day’s first major resistance level at $453.07 into play, while Bitcoin Cash will likely continue to fall short of $460 levels as investors look on for news from the FSB and G20 on rules and regulations for the cryptomarket, the IMF impact analysis of the market on financial stability suggesting the need for a more rigid framework.

Failure to hold on to $446 through the morning could see Bitcoin Cash pullback to sub-$440 levels to bring the day’s first major support level at $435.27 back into play, with any broad based market sell-off likely to see Bitcoin Cash test sub-$430 support levels before any recovery.

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Litecoin In Need of Support

Litecoin fell by 3.24% on Sunday, following Saturday’s 0.08% gain, to end the week down 11.33% at $51.35.

A mid-morning intraday high $53.35 saw Litecoin fall short of the first major resistance level at $53.77, before easing back to $52 levels and a relatively range bound afternoon. Tracking the broader market, a late in the day sell-off saw Litecoin fall through the first major support level at $52.44 and second major support level at $51.82 to an intraday low $51.1 before steadying.

At the time of writing, Litecoin was up 0.06% to $51.39, a choppy start to the day seeing Litecoin fall to a morning low $51.01 before recovering to a morning high $51.73 within the first hour, the moves through the morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move through the morning high would bring $52 levels and the day’s first major resistance level at $52.77 into play, though for any major rally in the second half of the day, Litecoin will need to break through to $52 levels by the early afternoon.

Failure to move through the morning high to $52 levels could see Litecoin hit reverse later in the day, a pullback to sub-$51 levels bringing the day’s first major support level at $50.52 into play, with the day’s second major support level at $49.68 unlikely to be tested barring particularly negative news hitting the wires.

Ripple Holds on to $0.40 Levels

Ripple’s XRP slid by 4.06% on Sunday, reversing Saturday’s 0.46% gain, to end the week down 16.3% at $0.40535.

Range bound through the majority of the day, an early morning intraday high $0.4300, coming off the back of a start of a day morning low $0.42027, was the biggest move of the day leading up to a late cryptomarket sell-off, Ripple’s XRP sliding through the first major support level at $0.4159 and second major support level at $0.4091 to an intraday low $0.39928 before recovering to $0.40 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 0.63% to $0.41199, with Ripple’s XRP recovering from a start of a day slide to a morning low $0.39822 to a morning high $0.41545 before steadying, the moves through the early part of the day leaving the major support and resistance levels untested.

For the day ahead, holding on to $0.411 levels through the morning would support a move through the morning high $0.41545 to bring $0.42 levels and the day’s first major resistance level at $0.4238 into play, with any broad based cryptomarket rally likely to lead to a move through to $0.43 levels.

Failure to hold on to $0.411 levels through the morning could see Ripple’s XRP hit reverse later in the day, with a pullback through to sub-$0.40 levels bringing the first major support level at $0.3931 back into play before any recovery, sub-$0.39 support levels unlikely to be tested.

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