Bitcoin Cash in Reverse
Bitcoin Cash slipped by 1.79% on Wednesday, partially reversing Tuesday’s 2.35% gain, to end the day at $891.1.
An intraday low $861.4 came in the early afternoon after a start of the day slide to $862 levels, with Bitcoin Cash sliding through the first major support level at $877.47 before recovering to an afternoon intraday high $909 that fell well short of the first major resistance level at $932.27.
A late in the day reversal to sub-$900 levels found support that continued through the early hours of this morning, with Bitcoin Cash moving through to a morning $908.2 high before easing back to sub-$900 levels.
At the time of writing, Bitcoin Cash was down 1.19% to $882.0, with the morning’s high falling short of the first major resistance level at $912.93, a late morning reversal seeing Bitcoin Cash fall to a morning low $866.2 before recovering, the day’s first major support level at $865.33 left untested early on.
For the day ahead, a move through $887 would support a run back through $900 levels to bring the first major resistance level at $912.93 into play, though sentiment across the broader market will need to improve for Bitcoin Cash to hold on to $900 levels by the day’s end.
Failure to move back through to $900 levels would likely see Bitcoin Cash pull back through the afternoon to test the day’s first major support level at $865.33 before recovering, the second major support level at $839.57 unlikely to be tested through the day.
Litecoin in the Ranges
Litecoin fell by 0.78% on Wednesday, following Tuesday’s 0.02% fall, to end the day at $97.82.
A start of the day move to a morning high $99 saw Litecoin reverse to a morning low $95.51, with Litecoin falling through the first major support level at $96.43 before recovering through to $97 levels and a relatively range bound afternoon, the day’s first major resistance level at $101.22 left untested on the day.
At the time of writing, Litecoin was down 0.75% to $97.1, an early run at $100 levels falling short as Litecoin hit the day’s first major resistance level at $99.38 with a morning $99.17 high. The reversal through the morning saw Litecoin fall to a $96.59 low, which has managed to leave the first major support level at $95.89 untested thus far.
For the day ahead, a second test of the first major resistance level at $99.38 would be needed to support a break through to $100 levels to bring the 23.6% FIB Retracement Level into play later in the week, though market sentiment will need to improve through the morning to avoid a pull back by the day’s end.
Failure to move back to the morning’s high would likely see a pullback later in the day, bringing the day’s first major support level at $95.89 into play before recovering, a hold at $100 levels key for the bulls.
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See all Bitcoin forecastsRipple Bucks the Trend Early
Ripple’s XRP fell by 2.21% on Wednesday, reversing Tuesday’s 1.96% gain, to end the day at $0.53807.
Following the broader market trend, Ripple’s XRP slid through the first major support level at $0.5342 to an intraday low $0.52185, before a middle of the day recovery to $0.54 levels, with moves through the day leaving the first major resistance level at $0.5643 untested, the day’s $0.55105 high coming at the start of the day.
At the time of writing, Ripple’s XRP was up 0.45% to $0.54105, an early bounce to a morning high $0.54881 falling short of the first major resistance level at $0.5521. Recovering from a pullback to a morning $0.53434 low that held well above the first major support level at $0.5229, Ripple’s XRP managed to buck the trend alongside a number of other majors through the morning.
For the day ahead, a move back through the morning’s high $0.54881 would support a break back into $0.55 levels to bring the first major resistance level at $0.5521 into play, with the bulls needing to begin making a move to $0.60 levels to attempt a bearish trend reversal at the 23.6% FIB Retracement Level of $0.6106.
Failure to move through to $0.55 levels would likely see Ripple’s XRP pullback through the afternoon to $0.52 levels, whilst we would expect the day’s first major support level at $0.5229 to be left untested barring materially negative news hitting the wires through the day.