Bitcoin Cash slid 6.98% on Thursday, following Wednesday’s 4.03% fall, to end the day at $1,190.5, logging a 4th consecutive day of heavy losses.
An early morning $1,349.9 high fell short of the day’s first major resistance level at $1,355.17 and the 23.6% FIB Retracement Level of $1,362, with Bitcoin Cash failing to break back through to $1,400 levels leaving the bears in control.
A slide through the late morning and afternoon, saw Bitcoin Cash fall through the day’s first major support level at $1,210.27 to an intraday low and new swing lo $1,157.5, while holding above the second major support level at $1,138.33 before recovering to the day’s end $1,190.5.
The 4th consecutive day of decline and new swing lo reaffirmed the near-term bearish trend formed at 5th May’s swing hi $1,849.9, investors remaining focused on sentiment towards the regulatory landscape and little else.
At the time of writing, Bitcoin Cash was up 0.74% to $1,198.4, recovering from a start of the day $1,155.1 new swing lo before testing resistance at $1,200 with a morning high $1,209.
With sentiment across the broader market mixed at the start of the day, the bears continue to pin back any chance of a relief rally ahead of the weekend, the day’s first major resistance level of $1,307.77 some way off and unlikely to be tested, barring an early move through to $1,250 levels.
Failure to move through to $1,250 levels in the middle part of the day could see Bitcoin Cash under more pressure this afternoon, bringing the day’s first major support level at $1,115.37 into play, which could see Bitcoin Cash test sub-$1,100 support levels for the first time since 24th April.
Some relief in the early part of the can be expected, though whether Bitcoin Cash can hold on is an altogether different story.
Litecoin fell by 4.92% on Thursday, following Wednesday’s 0.31% fall, to end the day at $132.5, in what was yet another bearish day across the cryptomarket.
An intraday high $141.76 at the start of the day came within reach of the day’s first major resistance level at $141.89, while falling well short of the 23.6% FIB Retracement Level of $144, leading to a pullback to a morning low $137.08, leaving key support levels untested early on. A range bound middle part of the day led to an afternoon sell-off that saw Litecoin fall through the day’s first major support level at $135.9 and second support level at $132.46 to an intraday low and new swing lo $131.37, before a partial recovery to the day’s end $132.5.
Failing to break back through the day’s major support levels, together with the new swing lo $131.37 affirmed the bearish trend formed at 5th May’s swing hi $182.35.
At the time of writing, Litecoin was down 0.04% to $132.6, with Litecoin recovering from a start of the day new swing lo $129.1, while holding above the day’s first major support level at $128.66 key in the early hours.
For the day ahead, a move through to $135 would support a run at the day’s first major resistance level at $139.05, though for any break through to $140 levels, sentiment across the broader market will need to improve, Litecoin likely to face plenty of resistance in a run up to the 23.6% FIB Retracement Level of $143.4.
Failing to break through to $135 this morning could see Litecoin go into reverse, bringing the day’s first major support level at $128.66 into play, though any pullback will likely avoid the day’s second major support level at $124.82, the week sell-off likely to be drawing in investors on the side lines to provide some much needed support.
Ripple’s XRP tumbled 6.57% on Thursday, reversing Wednesday’s 2.09% gain, to end the day at $0.64714, logging a 3rd day in 4 in the red.
An early intraday high $0.71726 fell short of the day’s first major resistance level at $0.7251, while testing selling pressure at the 23.6% FIB Retracement Level of $0.7112, leading to a pullback and an afternoon sell-off that saw Ripple’s XRP fall through the day’s first major support level at $0.64714 to an intraday low $0.64714 before recovering to $0.66 levels by the end of the day.
While Ripple’s XRP managed to avoid a new swing lo, the near-term bearish trend formed at late April’s swing hi $0.96837 remained intact, bearish sentiment gripping Ripple’s XRP and the broader market through the week.
At the time of writing, Ripple’s XRP was up 1.05% to $0.66399, with Ripple’s XRP recovering from a start of the day $0.64193 to leave the day’s first major support level at $0.6324 untested early on.
For the day ahead, a move through to $0.68 levels would support a run at the day’s first major resistance level at $0.7025, though for any break out to the 23.6% FIB Retracement Level of $0.7112, the moves will need to come early, investors likely to be wary of another day of losses should upward momentum fail to materialize.
Failure to break back through to $0.68 levels will bring the day’s first major support level at $0.6324 into play, while we would expect Ripple’s XRP to avoid falling through the second major support level at $0.6047 to sub-$0.60 levels, barring particularly negative news hitting the wires.
Current levels will be considered attractive, but with so much uncertainty, volatility is likely to remain heightened near-term.
