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Bob Mason

Bitcoin Cash Finds Support

Bitcoin Cash gained 3.64% on Tuesday, partially reversing Monday’s 7.46% tumble, to end the day at $432.7.

A relatively range bound morning saw Bitcoin Cash ease to an intraday low $412.1, holding above the first major support level at $395.73, before a broad based market rally kicked in. Bitcoin Cash broke through the day’s first major resistance level at $450.73 to a mid-day intraday high $451.3, before easing back to $430 levels by the day’s end.

At the time of writing, Bitcoin Cash was up 0.92% to $436.6, with Bitcoin Cash recovering from a start of a day dip to a morning low $428.8 to hit a morning high $440.6 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 $440.6 would support a run at the first major resistance level at $451.97, though Bitcoin Cash will need to hold on to $440 levels through the morning to support a move later in the day, resistance at $450 likely to pin Bitcoin Cash back from a breakout from $450.

Failure to hold on to $440 levels through the morning could see Bitcoin Cash pullback through the morning low $428.8 to sub-$420 levels to bring the day’s first major support level at $412.77 into play, though we would expect Bitcoin Cash to steer clear of the first major support level barring materially negative news hitting the wires.

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Litecoin Holds On

Litecoin rose by 3.71% on Tuesday, partially reversing Monday’s 8.43% slide, to end the day at $53.98.

Recovering from an early morning intraday low $50.55, Litecoin rallied to an intraday high $55.49 before easing back to $53 levels by the day’s end, the moves through the day leaving the major support and resistance levels untested on the day.

At the time of writing, Litecoin was up 0.72% to $54.39, with a relatively range bound start to the day seeing Litecoin move from a morning low $53.84 to a $54.72 high before easing back, the early moves leaving the day’s major support and resistance levels left untested.

For the day ahead, holding on to $54 levels through the morning would support a run at $55 levels to bring the day’s first major resistance level at $56.13 into play, though the news wires will need to be crypto friendly to support a breakout from $55 later in the day.

Failure to hold on to $54 levels could see Litecoin hit reverse, with a pullback through the morning low $53.84 bringing the sub-$53 levels into play, while the day’s first major support level at $51.19 will likely be left untested barring dire news hitting the wires.

Ripple Makes more than a Splash

Ripple’s XRP rallied 18.19% on Tuesday, wiping out Monday’s 4.01% loss, to end the day at $0.3195.

Following a range bound early part of the day that saw Ripple’s XRP recover from a start of a day intraday low $0.26886 to $0.27 levels, Ripple’s XRP broke through the day’s major resistance levels to an intraday high $0.33733 before easing back to $0.31 levels.

Product differentiation saw Ripple’s XRP stand out from the crowd, with news of Saudi bank National Commercial Bank adopting Ripple’s blockchain tech for cross-border transactions driving Ripple’s XRP back through to $0.30 levels.

In spite of Tuesday’s rally, Ripple’s XRP continued to fall well short of the 23.6% FIB Retracement Level of $0.4164, leaving the extended bearish trend intact.

At the time of writing, Ripple’s XRP was up 3.56% to $0.33038, upward momentum from Tuesday continuing into the early hours of this morning, Ripple’s XRP moving through to a morning high $0.33563 before easing back, moves through the morning leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high $0.33563 would support another run at the first major resistance level at $0.3483, while we will expect Ripple’s XRP to come up short of $0.35 levels, barring more crypto friendly news hitting the wires, some profit taking to be expected.

Failure to move back through the morning high could see investors look to lock in gains earlier, which could see Ripple’s XRP pullback through the morning low $0.31649 to $0.30 levels, though we would expect Ripple’s XRP to steer clear of sub-$0.30 levels and the day’s first major support level at $0.2798 on the day.

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