Bitcoin Cash Touches $1,000
It was quite a day for Bitcoin Cash on Monday, with Bitcoin Cash gaining 5.87%, following Sunday’s flat day, to end the day at $988.3.
While Bitcoin Cash failed to break through to $1,000 levels, the day’s intraday high $999.9 was enough to test the first major resistance level of $988.07, while also moving through the 23.6% and 38.2% FIB Retracement Levels, off the back of an intraday low $906.
The day’s low failed to test major support levels, which will have been the positive for Bitcoin Cash going into this morning’ session. At the time of writing, Bitcoin Cash was down 2.05% to $974. The bearish trend that kicked off on the previous Monday had certainly shifted through the latter part of the weekend and through Monday, with a bullish trend having formed, though how the day proceeds will not just be down to investor appetite, but also the activity of the news wires.
A move back through the morning’s $1,023.9, to retest the day’s first major resistance level of $1,023.53 would certainly support a run at the day’s 2nd resistance level of $1,058.75, though for a run at $1,100 levels, there’s going to need to be some pretty convincing news from the G20 to support a more sustained rally.
A failure to break back through to $1,000 levels, will likely weigh on Bitcoin Cash through the middle of the day, bringing the day’s first major support level of $929.54 into play, though we don’t expect sub-$900 levels, barring some dire news hitting the wires later in the day.
Litecoin Gives Up $160
Litecoin managed to begin reversing the bearish trend that was formed back on the 10th March, with an intraday rally on Sunday, which saw Litecoin recover from a swing lo $137.12 to an end of day $154, with the upswing continuing through Monday.
Litecoin gained 4.4% on Monday, following Sunday’s 1.75% rise, to end the day at $160.73, with an intraday high $164 breaking through the day’s 1st major resistance level of $162.85, before pulling back at the day’s end.
Holding above the day’s 23.6% FIB Retracement Level of $159.4 was certainly important, with Litecoin’s intraday low $150.46 failing to test the day’s first major support level of $142.47.
At the time of writing, Litecoin was down 2.2% to $157.78, with Litecoin responding to the negative sentiment seen across the cryptomarket this morning.
For the day ahead, with sentiment skewed to the negative, Litecoin will need to move through the morning’s intraday high $162.29 to have a run at the day’s first major resistance level of $166.33.
With the bullish trend still intact, avoiding testing buyer appetite at the day’s 23.6% FIB Retracement Level of $157.66 would also be key, with any pullback through $157.66 likely to bring the day’s first major support level of $152.79 into play.
While the cryptomarket is not seeing the wild swings of the weekend, with the major cryptos having recovered some of their recent losses, the risk of more negative news hitting the wires remains high. Support levels are unlikely to be of any significance, in the event of another news fueled sell-off, with the G20 more than capable of delivering a market shock.
Ripple Slides Back
Ripple’s XRP rallied 9.5% on Monday, to end the day at $0.7115, with the gains coming in response to a shift in sentiment towards this week’s G20 Summit and fears of a global effort to clamp down on the cryptomarket.
An intraday high $0.72872 moved through the day’s first major resistance level of $0.7138, while also managing to hold above the day’s 23.6% and 38.2% FIB Retracement Levels, reflecting investor sentiment through the day.
The moves through Sunday and the start of the week have reversed the recent bearish trend, with Ripple’s XRP having formed a bullish trend on late Sunday through Monday, though market sensitivity leaves the trend at risk of reversal in the coming days.
At the time of writing, Ripple’s XRP was down 6.69% to $0.6745, with buyer appetite tested this morning as Ripple’s XRP fell through the day’s 23.6% FIB Retracement Level of 0.6834 for a 2nd time.
For the day ahead, a move back through $0.70 levels would support a run at the morning’s intraday high $0.7312 and first major resistance level of $0.7515, though much will depend on sentiment across the broader market, which is currently negative. Ripple investors have been particularly sensitive to the general direction of the cryptos of late.
With Ripple’s XRP current sitting below the 23.6% FIB Retracement Level of 0.6834, a failure to recover to $0.70 levels would likely see a pull back to this morning’s $0.6682 low, bringing the 38.2% FIB Retracement Level of $0.6553 and the day’s first major support level of $0.6487 into play.
Ripple’s XRP is likely to continue to lag its peers, following Monday’s rally.