Bitcoin Cash Tanks
The reversal continued on Thursday, with Bitcoin Cash tumbling by 16.02%, off the back of Wednesday’s 0.85% fall, to end the day at $433.4.
A broad based market sell-off at the start of the day did most of the damage, Bitcoin Cash tumbling from a day high $516.1 to an early afternoon low $438.6, before finding some support. Things didn’t improve through the latter part of the day, the downward trend continuing from an early afternoon high $455.8, with Bitcoin Cash sliding to a late in the day intraday low $428.3 before recovering to $430 levels.
The day’s major resistance levels were left untested, whilst Bitcoin Cash slid through the day’s major support levels to leave the extended bearish trend firmly intact.
Declines through the day for Bitcoin Cash and the broader market were news driven, with a U.S Senate hearing and an FSB review of the cryptocurrency market doing the damage on the day.
At the time of writing, Bitcoin Cash was up 1.05% to $438.4, with Bitcoin Cash managing to recover from an early morning low $427.8 to a morning high $438.8, the early pullback an extension of Thursday’s sell-off. The moves through the early morning left the day’s major support and resistance levels untested.
For the day ahead, a move through to $460 levels would support a run at the first major resistance level at $490.23 to bring $500 levels into play, though we can expect Bitcoin Cash to face plenty of resistance on any run at $490 levels, to limit the upside on the day.
Failure to move through to $460 levels could see Bitcoin Cash hit reverse later in the day, a pullback through the morning low $427.8 likely to see Bitcoin Cash at sub-$410 levels before any recovery, the day’s first major support level at $402.43 unlikely to be tested barring materially negative news hitting the wires.
Litecoin Tracks the Pack South
Litecoin slid by 12.05% on Thursday, following on from Wednesday’s 1.66% fall, to end the day at $50.56.
Tracking the broader market, a start of the day reversal saw Litecoin fall from an intraday high $57.29 to a mid-morning low $50.24 before finding support, the sell-off seeing Litecoin slide through the day’s major support levels.
Attempts at a recovery though the afternoon saw Litecoin move through to $52 levels before pulling back late in the day to an intraday low $50.04, a 3rd consecutive day of losses reaffirming the extended bearish trend formed back at early May’s swing hi $182.35.
At the time of writing, Litecoin was up 1.13% to $51.12, Litecoin recovering from a morning low $50.15 to an intraday high $51.21, the major support and resistance levels left untested.
For the day ahead, a move through to $52.7 would support a break through to $53 levels, while we would expect Litecoin to fall short of the first major resistance level at $55.35 on the day.
Failure to move through to $52.7 could see Litecoin hit reverse later in the day, a pullback through the morning low $50.15 bringing sub-$49 levels into play, while we would expect Litecoin to steer clear of the first major support level at $47.9.
Ripple Hit the Hardest
Ripple’s XRP saw its troubles continue on Thursday, tumbling 17.73% off the back of Wednesday’s 3.29% fall, to end the day at $0.38377.
Most of the damage was done within the first few hours of the day, with Ripple’s XRP sliding from a start of a day intraday high $0.46658 to an early morning $0.40780, the reversal seeing Ripple’s XRP not only fall through the day’s major support levels, but also the 23.6% FIB Retracement Level of $0.4164.
Tracking the broader market, Ripple’s XRP continued to slide to a late in the day intraday low $0.37763, the moves through the day reaffirming the extended bearish trend formed back at late April’s swing hi $0.97181.
At the time of writing, Ripple’s XRP was up 3.33% $0.39599, early moves seeing Ripple’s XRP move from a morning low $0.37795 to a morning high $0.40 before easing back, the day’s major support and resistance levels left untested.
For the day ahead, Ripple’s XRP would need to move through to $0.4093 by late morning to support a relief rally, though the negative sentiment across the broader market will likely pin Ripple’s XRP back from any run at $0.43 levels to bring the first major resistance level at $0.4410 into play.
Failure to move through to $0.4093 could see Ripple’s XRP give up early gains, a move back through the morning low $0.37795 bringing the first major support level at $0.3521 into play, though following the losses through the week, any reversal will likely be news driven.