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Bob Mason
Crypto00 567

Bitcoin Cash Slides

Bitcoin Cash slid by 5.49% on Monday, adding to the previous week’s losses, to end the day at $418.3, its lowest day ending price since 17th September’s $416.9.

A range bound start to the day saw Bitcoin Cash hit an early morning intraday high $443.2, falling well short of the day’s first major resistance level at $458.13 before easing back. A late morning broad based cryptomarket sell-off saw Bitcoin Cash slide through the day’s major support levels to an intraday low $414.2 before steady to a relatively range bound afternoon.

The sell-off came off the back of news hitting the wires of MapleChange becoming the latest victim of a crypto theft, albeit of a smaller size.

At the time of writing, Bitcoin Cash was up 0.56% to $420.7, with another range bound start to the day seeing Bitcoin Cash rise from a start of a day morning low $418.3 to a morning high $421, the day’s major support and resistance levels left untested.

For the day ahead, a move through to $425.23 would support a run at $430 levels to bring the first major resistance level at $436.27 into play, with the crypto bulls looking to recovery Monday’s news driven loss, while we would expect Bitcoin Cash to fall short of $440 levels on the day.

Failure to move through to $425.23 could see Bitcoin Cash hit reverse later in the day, a pullback through the morning low $418.3 bring sub-$410 levels and the day’s first major support level at $407.27 into play before any recovery.

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Litecoin into the $40s…

Litecoin fell by 6.03% on Monday, following last week’s 1.32% decline, to end the day at $48.3, the first sub-$50 close since 12th September’s swing lo $47.19.

Tracking the broader market, a range bound start to the day saw Litecoin ease back from a start of a day intraday high $51.63, which came up short of the first major resistance level at $51.76. The late morning news driven sell-off saw Litecoin slide through the day’s major support levels to an intraday low $47.34, holding just above 12th September’s swing lo $47.19 before steadying, Litecoin unable to break back through the third major support level at $50.34 by the day’s end.

At the time of writing, Litecoin was up 0.66% to $48.76, with Litecoin rising from a start of a day morning low $48.43, the moves through the early morning leaving the major support and resistance levels untested.

For the day ahead, a move through $49.13 would support a run at $50 levels to bring the first major resistance level at $50.93 into play, while we would expect Litecoin to be pinned back from a move through to $51 levels, with Monday’s sell-off a stark reminder of news impact on the market.

Failure to move through $49.13 by the early afternoon could see Litecoin give up the morning gains, with a fall through the morning low $48.43 likely to see Litecoin pullback to $47 levels, while we would expect the first major support level at $46.64 to be left untested barring materially negative news hitting the wires.

Ripple Tracks the Pack

Ripple’s XRP fell by 4.03% on Monday, more than reversing Sunday’s 1.11% gain, to end the day at $0.4456.

In line with the broader market, a range bound start to the day saw Ripple’s XRP ease back from an early morning intraday high $0.4652, while holding onto $0.46 levels ahead of the late morning sell-off, the early moves leaving the day’s major support and resistance levels untested.

The late morning sell-off saw Ripple’s XRP slide through the day’s major support levels to an intraday low $0.43513 before finding support, with Ripple’s XRP breaking back through the third major support level at $0.4442 by the day’s end.

At the time of writing, Ripple’s XRP was up 1.13% to $0.45067, upward momentum through the early hours seeing Ripple’s XRP move from a start of a day morning low $0.44483 to a morning high $0.4513, the day’s major support and resistance levels left untested.

For the day ahead a hold onto $0.45 levels through the morning would support a run at $0.46 levels to bring the first major resistance level at $0.4622 into play before any pullback, $0.47 levels and the second major resistance level at $0.4787 unlikely to be in play through the day.

Failure to hold onto $0.45 levels could see Ripple’s XRP give up some of the early gains, with a pullback through $0.4486 likely to see Ripple’s XRP fall through the morning low $0.44483 to test support at $0.4400 before any recovery, the day’s first major support level at $0.4321 unlikely to be in play on the day.

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