It's a bearish start to the day for the majors. Failure to move back through the early highs would bring support levels into play.
Ethereum fell by 1.22% on Friday. Following on from a 0.25% decline on Thursday, Ethereum ended the day at $382.77.
It was a mixed start to the day. Ethereum rose to an early morning high $392.16 before hitting reverse.
Falling short of the first major resistance level at $394.15, Ethereum fell to a late morning intraday low $373.40.
Ethereum fell through the first major support level at $380.90 and the second major support level at $374.20.
Steering clear of sub-$370 levels, Ethereum broke back through to $380 levels to reduce the deficit on the day.
At the time of writing, Ethereum was down by 0.31% to $381.57. A mixed start to the day saw Ethereum rise to an early morning high $383.00 before falling to a low $381.21.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move through the $382.78 pivot to support a run at the first major resistance level at $392.15.
Support from the broader market would be needed, however, for Ethereum to break back through to $390 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $392.16 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $400 before any pullback. The second major resistance level sits at $401.54.
Failure to move through the $382.78 pivot would bring the first major support level at $373.39 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the 38.2% FIB of $367.00. The second major support level sits at $364.02.
First Major Support Level: $373.39
Pivot Level: $382.78
First Major Resistance Level: $392.15
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Litecoin fell by 1.55% on Friday. Following on from a 1.56% slide on Thursday, Litecoin ended the day a $54.08.
It was a bullish start to the day. Litecoin rose to an early morning intraday high $55.81 before hitting reverse.
Falling well short of the first major resistance level at $56.53, however, Litecoin fell to a late morning intraday low $52.27.
Litecoin fell through the 23.6% FIB of $54 and the first major support level at $53.42 before a partial recovery to $54 levels.
At the time of writing, Litecoin was down by 0.43% to $53.85. A bearish start to the day saw Litecoin fall from an early morning high $54.12 to a low $53.73.
Litecoin left the major support and resistance levels untested early on. The pullback did see Litecoin fall back through the 23.6% FIB, however.
Litecoin would need to move through the 23.6% FIB and the $54.05 pivot to support a run at the first major resistance level at $55.84.
Support from the broader market would be needed, however, for Litecoin to break back through to $55 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $55.81 would likely cap any upside.
In the event of a breakout, Litecoin would likely test the second major resistance level at $57.59 before any pullback.
Failure to move through the 23.6% FIB and the $54.05 pivot level would bring the first major support level at $52.30 into play.
Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$50 levels. The second major support level at $50.51 should limit any downside.
First Major Support Level: $52.30
Pivot Level: $54.05
First Major Resistance Level: $55.84
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP declined by 1.36% on Friday. Following on from a 1.29% fall on Thursday, Ripple’s XRP ended the day at $0.23930.
It was another mixed start to the day. Ripple’s XRP rose to an early morning high $0.24416 before hitting reverse.
Falling well short of the first major resistance level at $0.2464, Ripple’s XRP slid to a late morning intraday low $0.23101.
Ripple’s XRP fell through the first major support level at $0.2392 and the second major support level at $0.2360.
Finding support in the 2nd half of the day, Ripple’s XRP moved back through to $0.2390 levels to reduce the deficit on the day.
The first major support level at $0.2392 pinned Ripple’s XRP back late in the day.
At the time of writing, Ripple’s XRP was down by 0.13% to $0.23900. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23929 to a low $0.23900.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to avoid a fall through the $0.2372 pivot to support a run at the first major resistance level at $0.2433.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.24116.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.25 before any pullback. The second major resistance level sits at $0.2473.
Failure to avoid a fall through the $0.2372 pivot would bring the first major support level at $0.2332 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 levels and the second major support level at $0.2270.
First Major Support Level: $0.2332
Pivot Level: $0.2372
First Major Resistance Level: $0.2433
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
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Thanks, Bob
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.