Bitcoin Cash on the Run
Bitcoin Cash managed to close out Monday in positive territory, gaining 3.37% to end the day at $662.9, partially reversing Sunday’s 5.98% slide, while bringing to an end 7 consecutive days of losses.
The day was relatively less choppy than in recent weeks, with Bitcoin Cash seeing few sell-offs during the day and more importantly avoided an end of day pullback.
While there will have been some relief from Monday’s gains, Bitcoin Cash failed to touch $700 levels for the first time since the December rally, with an intraday high $686.2 falling short of the day’s first major resistance level of $688.2 and 23.6% FIB Retracement Level of $730.27.
Monday’s gains were certainly not impressive enough to suggest a reversal to the extended bearish trend formed back on 21st March, while an intraday low $636.4 managed to avoid testing the first major support level of $608.4.
Following Monday’s gains, Bitcoin Cash was up 3.58% to $683.9, with investors brushing off an early morning $657 low, as sentiment across the cryptomarket continued to improve off the back of Monday’s gains.
A morning $695 high tested the day’s first major resistance level of $687.27 early, with resistance at the psychological $700 level pinning back any move through to the day’s 23.6% FIB Retracement Level of $730.27.
For the day ahead, a move back through to the morning high $695 would be needed to support a run at the 23.6% FIB Retracement Level, with such a move likely to begin signalling a short-term bullish trend formation that would draw in side lined investors looking to ride out the bearish trend formed on 21st March.
Failure to break through to $700 levels could test investor appetite later in the day and lead to a pullback to this morning’s lows, though we would expect support levels to remain untested today, the key milestone for Bitcoin Cash being to move through to and hold on to $700 levels by the end of the day.
Litecoin back at $120
Litecoin saw two consecutive days of losses come to an end, gaining 3.83% to end Monday at $119.35, reversing the weekend’s losses.
An intraday high $121.62 saw Litecoin move through the day’s first major resistance level of $119.12 in the middle part of the day that fell short of the 23.6% FIB Retracement Level of $124.9, as investors looked to lock in profits before the news wires became more active. A pullback in the middle of the day to $117.5 found plenty of support, bucking the recent trend of end of day sell-offs, with Litecoin bouncing back to $119 levels through the final hours of the day.
An intraday low 114.04 steered clear of the first major support level of $110.3, while the bearish trend formed on 21st March remains intact, Litecoin’s moves through the weekend and the start of the week ultimately ending in a lateral, suggesting that the market may have bottomed out for now.
At the time of writing, Litecoin was up 3.15% to $122.85, Litecoin managing to move back through to $120 levels, supported by improved sentiment across the broader market.
An early move south, which saw Litecoin dip to an intraday low $118.3 managed to avoid the first major support level of $115.05, investors jumping in to drive Litecoin to an early intraday high $123.37, that broke through the first major resistance level of $122.63, while falling just short of the 23.6% FIB Retracement Level of $124.9.
A move through the 23.6% FIB Retracement Level would signal a start of a bullish trend, with the positive sentiment across the broader market likely to see limited selling pressure at the 23.6%, supporting a run at the day’s 2nd resistance level of $125.92.
It remains to be seen at what levels investors will look to lock in profits, with the news wires capable of reversing any upward trends through the early part of the day. If the broader market continues to move northwards, 38.2% FIB Retracement Level could be in play in the coming days.
Failure to move through the day’s 23.6% FIB Retracement Level in the middle part of the day would support a reversal, though we would expect support levels to be untested today, barring dire news hitting the news wires this afternoon.
Ripple on the Move Early
Ripple’s XRP gained 3.06% on Monday, partially reversing Sunday’s 3.95% fall, to end the day at $0.49458, a 3rd consecutive day that Ripple’s XRP was unable to hold on to intraday highs and close at $0.50 levels.
A pickup in investor appetite for the crypros through the day provided much needed support, with Ripple’s XRP hitting an intraday high $0.50431 in the middle part of the day, the high falling short of the first major resistance level of $0.5081 and 23.6% FIB Retracement Level of $0.518.
The lack of a breakout through the 23.6% FIB Retracement Level continued to support the bearish trend formed back on 19th March, while a recovery from Sunday’s swing lo $0.45292 suggests that Ripple’s XRP may have bottomed out over the near-term, supporting an upward bias. The view was further supported by Ripple’s XRP avoiding the day’s first major support level of $0.4525, with an intraday low $0.47239 coming in the early part of the day.
Ripple XRP’s revival continued through the early part of this morning, with Ripple’s XRP up 2.46% to $0.50673 at the time of writing.
An early morning $0.4856 low managed to avoid the day’s first major support level of $0.4769, with Ripple’s XRP riding on the cryptomarket wave, rallying to an intraday high $0.5262 in the past hour, breaking through the day’s first major resistance level of $0.5088 and 2nd resistance level of $0.5225.
The bullish move certainly supports the view that Ripple’s XRP bottomed out over the weekend, which could well see a bigger move later in the day, assuming sentiment across the market doesn’t deteriorate through the middle part of the day.
Having moved through the 23.6% FIB Retracement Level of $0.518 this morning, a move back through to $0.52 levels would support a more sustained run at the 38.2% FIB Retracement Level of $0.5583, with the day’s 2nd and 3rd resistance levels likely to have little influence in a bullish formation.
Failure to push back through to $0.52 levels could see Ripple’s XRP pull back to $0.50 levels, though we will expect the day’s first major support level to remain untested and for Ripple’s XRP to hold on to $0.50 levels by the close.