It's a mixed start to the day, with Friday's reversal continuing into the early hours. It could get messy if sentiment doesn't shift by late morning...
Bitcoin Cash ABC slipped by 0.62% on Friday, following Thursday’s 50.57% surge, to end the day at $190.75. For the current week, that’s an impressive 141.4% gain.
A bullish start to the day saw Bitcoin Cash ABC rally to an early morning intraday high and new swing hi $218.2, coming within range of the first major resistance level at $219.66 before hitting reverse.
An early afternoon intraday low $171.86 was as bearish as it got, support at the 23.6% FIB of $171 kicking in to hold Bitcoin Cash ABC well clear of the first major support level at $141.11 before recovering to $190 levels by the day’s end.
At the time of writing, Bitcoin Cash ABC was down 0.39% to $190.00, in what’s been a relatively choppy start to the day, a start of a day morning high $205.46 and a morning low $182.90 leaving the day’s major support and resistance levels untested.
For the day ahead, a move back through to $194 levels would support another move through to $200 levels to bring the day’s first major resistance level at $215.35 into play before any pullback, negative sentiment across the broader market pinning Bitcoin Cash ABC back, with a material shift in sentiment needed for Bitcoin Cash ABC to resume its gravity defying rally.
Failure to move back through to $194 levels could see Bitcoin Cash ABC fall back deeper into the red, with a fall through the morning low $182.9 bringing $170 levels and the first major support level at $169.01 into play before any recovery, heavier losses unlikely on the day.
Litecoin fell by 6.65% on Friday, partially reversing an 11.55% gain on Thursday, to end the day at $30.20. Moves through the week saw Litecoin gain 19.8% Monday through Friday.
Bullish through the early hours, Litecoin rallied to an early morning intraday high $33.06, before tracking the broader market into the red. A pullback through the day saw Litecoin slide to a late in the day intraday low $29.62, calling on support at the first major support level at $29.61 to move back through to $30 levels by the day’s end
At the time of writing, Litecoin was up 0.1% to $30.23, with moves through the morning seeing Litecoin fall from a start of a day morning high $30.4 to a morning low $29.87 before recovering, the major support and resistance levels left untested early on.
For the day ahead, a hold onto $30 levels through the morning would support a move through to $31 levels to bring the first major resistance level at $32.3 into play, with Litecoin likely to face plenty of resistance on the way through to $32 levels to pin Litecoin back from more material gains on the day.
Failure to hold onto $30 levels through the morning could see Litecoin hit reverse later in the day, a fall through the morning low $29.87 bringing the day’s first major support level at $28.86 into play before any recovery, the second major support level at $27.52 unlikely to be tested, barring a broad based crypto meltdown in the day.
Ripple’s XRP slid by 5.46% on Friday, following an 8.22% rally on Thursday, to end the day at $0.36663. For the current week, Friday’s loss left Ripple’s XRP with a 25.2% gain, Monday through Friday.
An early morning bounce saw Ripple’s XRP hit an intraday high $0.39865, falling short of $0.40 levels and the first major resistance level at $0.4084 before hitting reverse.
Tracking the broader market, Ripple’s XRP fell to a late in the day intraday low $0.36, calling on support at the first major support level at $0.3596 to avoid sub-$0.36 levels on the day.
At the time of writing, Ripple’s XRP was down 1.08% to $0.36268, a bearish start to the day seeing Ripple’s XRP fall from a morning high $0.3699 to a morning low $0.35935, before steadying, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through the morning high $0.3699 to $0.37 levels would be needed to bring the first major resistance level at $0.3902 into play, with a material shift in sentiment across the broader market needed to support a breakout to $0.40 levels later in the day.
Failure to move through to $0.37 levels could see Ripple’s XRP take a bigger hit later in the day, a pullback through the morning low $0.35935 bringing the first major support level at $0.3515 into play before recovering, the second major support level at $0.3364 unlikely to be in play on the day.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.