Bitcoin Cash surged by 12.02% on Tuesday, reversing Monday’s 11.15% slide, to end the day at $986.6.
An early morning intraday low $870.3 held above the day’s first major support level at $833.2, while negative sentiment continued to weigh on the cryptomarket from Monday’s sell-off, Bitcoin Cash facing the prospects of sub-$800 levels without a catalyst to provide support.
News out of South Korea of a lift on the ban on initial coin offerings provided the needed support, with Bitcoin Cash rallying through the day’s first major resistance level at $970.2 to an intraday high $1,009.2, before easing back to sub-$1,000 levels by the day’s end.
In spite of the mid-morning rally, Bitcoin Cash failed to break through the 23.6% FIB Retracement Level of $1,100 to leave the May bearish trend intact.
At the time of writing, Bitcoin Cash was up 2.24% to $1,010.4, as the cryptomarket looks to consolidate Tuesday’s rebound and begin to reverse May’s bearish trend going into June.
A start of the day $977 was the only moment of worry for the crypto bulls, with Bitcoin Cash managing to hold off from testing the day’s first major support level at $901.53 to move back through to $1,000 levels.
The morning’s $1,028.2 high fell short of the day’s first major resistance level of $1,040.43 before easing back to current levels, with Bitcoin Cash needing to break through the 23.6% FIB Retracement Level of $1,100 to begin forming a bullish trend.
For the day ahead, moving back through the morning high would support a run at the day’s first major resistance level to bring the 23.6% FIB Retracement Level of $1,100 into play, though the news wires will need to remain friendly through the morning.
Failure to move through $1,040 levels and test the 23.6% FIB Retracement Level could see Bitcoin Cash reverse early gains and pullback through to sub-$1,000 levels, while we would expect the day’s first major support level at $901.53 to be left untested barring materially dire news hitting the wires.
While the bearish trend remains intact, Tuesday’s news out of South Korea certainly ticks some of the right boxes for the future of the cryptomarket.
Litecoin gained 7.43% on Tuesday, more than reversing Monday’s 5.6% slide, to end the day at $119.5.
An early intraday low and new swing lo $110.0 held above the day’s first major support level at $108.18 before the mid-morning rally, which saw Litecoin break through the day’s first major resistance level at 116.62 to test resistance at the day’s second major resistance level at $122 before easing back to sub-$120 levels.
In spite of the morning jump, Litecoin fell short of the 23.6% FIB Retracement Level of $128, leaving the extended bearish trend intact going into today.
At the time of writing, Litecoin was up 0.81% to $120.49, recovering from a start of the day dip to $118.52 in the early hours, Litecoin managing to hold off from testing the day’s first major support level at $112.1 and from striking yet another swing lo.
A morning $122.86 high came up short of the day’s first major resistance level at $124.8 and the 23.6% FIB Retracement Level of $127, leading to a partial reversal to current levels.
For the day ahead, holding on to $120 levels will be key to supporting an afternoon run at the day’s first major resistance level, with sentiment across the broader market to dictate whether Litecoin can look to begin reversing the extended bearish trend with a run at the 23.6% FIB Retracement Level of $127.
Failing to move through to $124 levels would likely see investors pull money off the table and for Litecoin to pullback to sub-$120 levels, while we would expect the day’s first major support level at $112.1 to remain untested through the day.
Ripple’s XRP rallied 9.58% on Tuesday, reversing Monday’s 8.85% slide, to end the day at $0.60113.
A spill over from Monday’s reversal saw Ripple’s XRP fall through to an intraday low and new swing lo $0.543 before a mid-morning bounce back in response to regulatory news out of South Korea.
For the bulls, Ripple’s XRP managed to avoid testing the day’s first major support level at $0.5254 through the day, with the prospects of sub-$0.50 levels averted for now.
The mid-morning rally saw Ripple’s XRP break through the day’s first major resistance level at $0.5907 to an intraday high $0.6110 before easing back to $0.60 levels by the day’s end, with Ripple’s XRP continuing to fall well short of the 23.6% FIB Retracement Level of $0.6452, to leave the extended bearish trend intact.
At the time of writing, Ripple’s XRP was up 2.38% to $0.6158, as the Tuesday rebound continued into the early hours of this morning.
A start of the day dip to a morning low $0.59476 held well above the day’s first major support level at $0.5591, with Ripple’s XRP bouncing to a morning high $0.62635 before easing back to $0.61 levels, the morning’s high testing the day’s first major resistance level at $0.6271, while continuing to fall well short of the 23.6% FIB Retracement Level of $0.6434.
For the day ahead, a move back through the morning high would support a breakout from the day’s first major resistance level to bring $0.64 levels into play, though for Ripple’s XRP to break clear of the 23.6% FIB Retracement Level, market sentiment will need to remain upbeat through the day.
Failing to move back through to the morning’s high will likely see investors look to lock in profits from Tuesday’s run, bringing sub-$0.60 levels back into play, while we would expect Ripple’s XRP to avoid testing the day’s first major support level at $0.5591, barring materially dire news hitting the wires.
