Bitcoin Cash Resumes Bull Trend
Bitcoin Cash gained 7.83% on Wednesday, following Tuesday’s 0.54% consolidation, to end the day at $1,461.2, its highest close since 20th February’s $1,543.1.
A middle part of the day rally saw Bitcoin Cash break out from the 23.6% FIB Retracement Level of $1,347.5 to hit an intraday high $1499.9 before a slight pullback before the end of the day, Bitcoin Cash resuming its bull trend following a start of the week consolidation from April’s rally.
Bitcoin Cash’s hold above the day’s 2nd major resistance level of $1,442.3 bringing $1,500 levels into play in the early hours of this morning.
At the time of writing, Bitcoin Cash was up 3.51% to $1,511.7, a start of the day bounce to a day high $1,543.3 breaking through the first major resistance level of $1,533.13 before easing back to current levels.
With key support levels untested on Wednesday and through the early part of this morning, a break out from the first major resistance level would support a run at April’s swing hi $1,578.3 to bring $1,600 levels into play this week and a possible return to $2,000 ahead of 15th May’s hard fork.
Failure to break through to $1,550 could see Bitcoin Cash pullback to test support at the $1,400 psychological level, which will be dependent upon sentiment across the broader market, with any pullback to $1,300 levels bringing the day’s first major support level of $1,356.03 into play.
We will expect key support to sit at $1,200, just below the 38.2% FIB Retracement Level of $1,204.6, any pullback through to $1,100 levels bringing sub-$1,000 and a full reversal of the current bullish trend into play.
Litecoin Moves back to the $150s
Litecoin gained 1.97% on Wednesday, reversing Tuesday’s 0.22% decline, to end the day at $150.9. Wednesday’s gain was not enough to reverse Monday’s 3.3% slide, but moving back through to $150 levels was key to support a continuation of the bullish trend formed at 6th April’s swing lo $112.1.
An intraday high $152.88 saw Litecoin break clear of the 38.2% FIB Retracement Level of $145.33 to move through the day’s first major resistance level of $150.25 to test the 2nd major resistance level of $152.51, which led to a pullback to $150 levels by the day’s end.
At the time of writing, Litecoin was up 1.37% to $152.86, with Wednesday’s hold above the day’s first major resistance level supporting a positive move through the early part of the day.
An early $154.35 high came within reach of the first major resistance level of $153.68, whilst moving through the 23.6% FIB Retracement Level of $153.18, leading to a pullback to current levels.
With buyer appetite providing support at current levels, a move back through the first major resistance level would support a run at $155 levels, to bring the 2nd major resistance level of $156.45 into play and $160 levels.
Failure to break out from the 23.6% FIB Retracement Level to retest the day’s first major resistance level could see Litecoin move into a reversal later in the day to bring sub-$150 support levels into play, while we will expect Litecoin to receive plenty of support from any pullback through Wednesday’s $146.53 low to the 38.2% FIB Retracement Level of $145.33 and the day’s 2nd major support level of $143.75.
Barring materially bad news, Litecoin should be on the front foot through the middle part of the day, with $170 the next target in the current bull run.
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See all Bitcoin forecastsRipple Moves Ahead
Ripple’s XRP gained 2.76% on Wednesday, following Tuesday’s 2.61% rise, to end the day at $0.85771.
Wednesday’s gains saw Ripple’s XRP make a full recovery from Monday’s 3.93% slide to resume the bullish trend formed at 6th April’s swing lo $0.45716.
A late in the day rally led to a break out from the 23.6% FIB Retracement Level of $0.8477 to hit an intraday high $0.87101, Ripple’s XRP moving through the day’s first major resistance level of $0.8545 to come within reach of the 2nd major resistance level of $0.8741 before a pullback to $0.85 levels by the day’s end.
A hold above the first major resistance level and 23.6% FIB Retracement Level at the day’s end supported a positive start to this morning, with Ripple’s XRP moving back through to $0.87 levels with an early morning $0.87261 high.
At the time of writing, Ripple’s XRP was up 0.11% to $0.85816, the morning’s high having fallen short of the day’s first major resistance level of $0.8789, leading to a pullback through the middle part of the morning, with Ripple’s XRP likely to call on buyers at the 23.6% FIB Retracement Level of $0.8477.
A shift in market sentiment to the negative would see Ripple’s XRP test the day’s first major support level of $0.8286 before any recovery in the second half of the day.
While Ripple’s XRP may have seen a pickup in volatility, we continue to have a bullish view, with a move back through to $0.90 levels needed this week to see talks of $1.00 levels return to fuel the current bull run.