Bitcoin Cash fell by 0.78% on Saturday, following Friday’s 5.94% slide, to end the day at $1,004.4, making it a 22.3% loss for the current week.
An intraday low $998.8 held above the day’s first major support level at $967.9 in the early hours, with a mid-morning rally seeing Bitcoin Cash back through to $1,000 levels with an intraday high $1,049.9 before a late in the day pullback.
The moves through Saturday failed to test the day’s first major resistance level at $1,062, with the 23.6% FIB Retracement Level of $1,155.6 some way off, leaving the bearish trend intact as investors fret of government oversight.
At the time of writing, Bitcoin Cash was down 2.28% to $982.4, with the late Saturday sell-off continuing into the early hours of this morning, Bitcoin Cash falling through the day’s first major support level at $985.5 to call on support at the day’s second major support level at $966.6 with an early $969.5 low before recovering to current levels.
For the day ahead, a move back through $1,000 to $1,020 would support a run at the day’s first major resistance level at $1,036.6 and the second major resistance level at $1,068.8, before any reversal, with the 23.6% FIB Retracement Level of $1,155.6 likely to be left untested for another day.
Failure to move through to $1,020 could see Bitcoin Cash’s troubles worsen to round off a dire week, with the day’s third major support level at $915.5 likely to come into play should the negative sentiment across the cryptomarket persist through the morning.
There’s a long way to go for Bitcoin Cash to reverse the current bearish trend and the news wires have yet to deliver any good news to shift investor sentiment, which will continue to cap gains over the near-term.
Litecoin slipped by 0.61% on Saturday, following Friday’s 3.2% fall, to end the day at $118.33, making it a 15.1% loss for the current week.
Following the broader market, Litecoin slipped to an early $118 low, holding above the day’s first major support level at $116.08, before a late morning rally saw Litecoin hit an intraday high $122.63, a late in the day reversal then pinning Litecoin back at sub-$120 levels.
A range bound afternoon led investors to lock in profits, with Litecoin failing to test the day’s first major resistance level at $123.24 to have a run at the 23.6% FIB Retracement Level of $130.98, supporting the extended bearish trend formed in early May.
At the time of writing, Litecoin was down 0.59% to $117.63, a start of the day slide to an intraday low $116.51 calling on support at the day’s first major support level at $116.34 to move through to a morning high $118.38, before easing back to $117 levels, the day’s first major resistance level at $121.47 untested early.
For the day ahead, while the late sell-off on Saturday weighed on Litecoin in the early hours, sentiment could shift through the morning, sub-$120 levels considered to be attractive for even the less bullish Litecoin investor.
A move through $119.5 to $120 levels would support a run at the day’s first major resistance level at $121.47 to bring $125 levels into play, while the 23.6% FIB Retracement Level of $130.98 will likely be a step too far, key resistance levels likely to pin back the chances of an extended end of weekend rally.
Failure to move through to test $121 resistance could see Litecoin see a heavier loss later in the day, with the day’s second major support level at $114.36 in play, the bearish trend expected to continue for now as the investors continue to face uncertainty over cryptomarket regulations.
Ripple’s XRP managed to avoid further losses on Saturday, gaining 0.01% to end the day at $0.6052, leaving Ripple’s XRP down 13.4% for the current week.
A slide through to an intraday low $0.59563 in the early hours saw Ripple’s XRP hold above the day’s first major support level at $0.5869 before a mid-morning rally kicked in. Ripple’s XRP moved through to a morning high $0.6273, coming within reach of the day’s first major resistance level at $0.6298 before easing back to a range bound afternoon.
An intraday high $0.62801 also fell short of the day’s first major resistance level late in the day, leading to a late reversal back through to $0.60 levels, the failure to break through key resistance levels to test selling pressure at the 23.6% FIB Retracement Level of $0.6612 continuing to support the extended bearish trend formed in late April.
At the time of writing, Ripple’s XRP was down 0.83% to $0.60051, with the late Saturday sell-off leading Ripple’s XRP to a start of the day low $0.59348 before recovering to $0.60 levels, the early low testing support at the day’s first major support level at $0.5912.
Negative sentiment through the start of the day left Ripple’s XRP well short of the day’s first major resistance level at $0.6236 with a morning $0.60846 high, a choppy day ahead on the cards.
For the day ahead, a move through $0.6090 would support a break into $0.61 levels and a run at the day’s first major resistance level at $0.6236 to raise the prospects of a bearish trend reversal, though with investors quick to lock in profits, Ripple’s XRP is unlikely to test the day’s second major resistance level at $0.642.
Failure to break through to $0.61 levels could see Ripple’s XRP take a hit later in the day, with the day’s first major support level at $0.5912 and second major support level at $0.5772 likely to be in play before support kicks in.
The bearish trend remains intact and, while Ripple’s blockchain platform is one of the more successful, until there is some clarity on planned regulations across the cryptomarket, the pain will likely continue.
