Bitcoin Cash looking to make a name for itself early on, as it bucks the trend of yet another slide through the early part of the day, adding further pressure on the cryptomarket, with the talk of bubbles likely to do its rounds.
Bitcoin Cash Breaks the Mould
Bitcoin Cash investors will be feeling a little bruised this morning, following Thursday’s 17.36% tumble to an end of day $710.1, marking a 4th consecutive day of decline in what has become quite a bearish run for Bitcoin Cash and the broader cryptomarket.
There were hopes of a possible reversal of the bearish trend formed back on 21st March in the early part of the day, with Bitcoin Cash managing to move into positive territory to hit an early intraday high $868.
Falling short of the day’s first major resistance level of $888.53 and 23.6% FIB Retracement Level of $904 ultimately led to another sell-off through the 2nd half of the day, pulling Bitcoin Cash down to an intraday low $694, which tumbled through the day’s 3 support levels with relative ease.
It’s all about regulation and, while the unknown continues to drag down the majors, some of the regulatory upheaval will actually be a positive, with many investors having steered clear of the Wild West due to the lack of regulatory oversight and lack of investor protection.
That’s for another day however, with regs likely to be fed through until July’s anticipated major globally coordinated roll out.
Investors waking up in the early hours to look at the direction of the markets will have been somewhat shocked to see heavy declines once more, though there was some good news for Bitcoin Cash investors, with Bitcoin Cash up 3.02% to $731.4 at the time of writing.
This morning’s moves are certainly not in line with the broader market, with the love hate relationship between Bitcoin and Bitcoin cash in evidence and favouring Bitcoin Cash that recovered from an early morning low $680.
While managing to avoid the day’s first major support level of $646.7, the negative sentiment across the broader market is unlikely to do Bitcoin Cash any favours today, any gains likely to lead to investors locking in profits ahead of any tumble later in the day.
Barring a material shift in investor sentiment, we would expect the day’s first major resistance level of $820.73 to remain untested, while a move back through the morning’s $738.8 high would support a run at the day’s 23.6% FIB Retracement Level of $786.
That bearish trend has been going on for a while and the lack of a rally last weekend was certainly an early warning signal of the lack of investor appetite in the current cryptomarket environment.
Litecoin Facing the Prospect of Sub-$100
Litecoin had a slightly better day than Bitcoin Cash on Thursday, falling 12.84% to end the day at $114.79, with Litecoin also down for a 4th consecutive day.
An intraday high $132.54 in the early part of the day followed a common theme across the cryptomarkets, with Litecoin taking a tumble through the 2nd half of the day, hitting an intraday low $112 before a partial recovery to $114 levels by the day’s end.
Litecoin not only tumbled through the day’s 3 support levels, but also closed out the day sitting on the day’s 3rd support level of $114.17, supporting further pain for investors through the early part of this morning.
Unsurprisingly, the day’s $132.54 high fell well short of the first major resistance level of $137.75 and 23.6% FIB Retracement Level of $140.82, affirming the continuing bearish trend formed from a swing hi $175.5 struck on 21st March.
For the day ahead, investors will need to be patient, with a move back through to today’s opening $114.4 likely to support a run at the day’s 23.6% FIB Retracement Level and first major resistance level of $127, though for any moves beyond a material shift in market sentiment would be needed and that looks unlikely this morning.
Failure to make a move through to $120 levels would certainly add further selling pressure on Litecoin, with the day’s first major support level of $107.01 and 2nd support level of $99.24 certainly in play later in the day.
At the time of writing, Litecoin was down 1.98% to $112.26.
Ripple Makes the Wrong Kind of Splash
Following Wednesday’s 0.62% gain that broke the broader market trend, moves through the early part of Thursday, saw Ripple’s XRP continue to head north to hit an intraday high $0.57645. In stark contrast to its peers, Ripple’s XRP came within touching distance of the day’s first major resistance level of $0.5895 and 23.6% FIB Retracement Level of $0.5953, with the talk of more banks exploring Ripple’s cross border payment platform providing much needed support.
In the end, the broader market sentiment laid claim to Ripple’s XRP, which tumbled to an intraday low $0.49014 in the 2nd half of the day, brushing aside the day’s 3 major support levels on its way down.
Ending the day below the 3rd support level of $0.5086, with a 12.2% slide to $0.50332, was certainly bearish for the day ahead, supporting Ripple XRP’s 4.93% fall to $0.4785 at the time of writing.
This morning’s $0.46331 low fell through the day’s first major support level of $0.4701 before support kicked in to avoid a further slide to the day’s 2nd support level of $0.4370, though the move may well be on the cards later today if investors are unable to break out of the current tail spin.
A move through to the day’s high $0.516 would certainly provide support, any hint of a relief rally likely to see Ripple’s XRP make significant ground, but when considering all of the factors that have contributed to this year’s collapse, key resistance levels are unlikely to be in range through the remainder of the day, selling pressure at the day’s 23.6% FIB Retracement Level of $0.5464 anticipated to be on the higher side.