Bitcoin Cash turned red again on Tuesday, sliding by 5.45% following Monday’s 4.1% fall, to end the day at $1,335.7.
A positive start to the day saw Bitcoin Cash break free from the 23.6% FIB Retracement Level of $1,402 to an intraday high $1,455.7 before going into reverse through the afternoon, the day’s high falling short of the first major resistance level at $1,497.8 and the 38.2% FIB Retracement Level of $1,487.
The afternoon slide saw Bitcoin Cash slide through the day’s first major support level at $1,328.8 to an intraday low $1,306.6, with support kicking in at the $1,300 to see Bitcoin Cash recover to the day’s end $1,335.7 to hold above the day’s first major support level.
If there were hopes of a market response to the Bitcoin Cash hard fork upgrade, there’s been no evidence, with the start of the week’s moves continuing to affirm the bearish trend formed at 5th May’s swing hi $1,849.9.
At the time of writing, Bitcoin Cash was down 6.89% as the week’s sell-off and reversal of April’s hard fork gains gathered momentum.
A start of the day $1,356.2 high reversed early, momentum from Tuesday’s 2nd half of the day sell-off spilling into the morning, with Bitcoin Cash sliding through the day’s first major support level at $1,276.3 and second major support level at $1,216.9 to a morning low $1,211.3 before partially recovering.
For the day ahead, it’s certainly looking bearish. A move back through the day’s first major support level at $1,276.3 would support a run at $1,300 levels, though for any break back through to $1,300, sentiment will certainly need to shift and, with the broader market in sell-down mode, it’s looking ominous early in the day.
Failure to move through $1,270 levels this morning could see Bitcoin Cash pullback further, bringing sub-$1,200 levels into play and, while sentiment may have shifted, the day’s third major support level at $1,067.8 will likely remain untested in the day ahead.
Hopes of a continued trend bucking week evaporated on Tuesday, with Litecoin sliding by 5.31% to reverse Monday’s 2.06% gain, Litecoin ending the day at $139.51.
A start of the day $149.72 came up short of the 38.2% FIB Retracement Level of $151 and the day’s first major resistance level at $155.39 in range bound morning that saw Litecoin strike a low $144.18 before the afternoon sell-off.
Litecoin pulled back through 23.6% FIB Retracement Level of $144 to an intraday low $138.1 in the afternoon, before recovering to just shy of $140 by the day’s end. In spite of the day’s decline, Litecoin managed to avoid testing the day’s major support levels, which would have provided the bulls with some comfort amidst the sea of red.
At the time of writing, Litecoin was down a further 2.96% to $135.64, as the broader market continued to sell-off following Tuesday afternoon’s tumble.
Litecoin slipped to a morning low $135 to test the day’s first major support level at $135.17, with a start of the day $140.15 high falling well short of the day’s first major resistance level at $146.79 and the 23.6% FIB Retracement Level of $144.
For the day ahead, a move back through to $140 levels would support a run at the 23.6% FIB Retracement Level of $144, but for Litecoin to avoid a pull back and take a run at the day’s first major resistance level of $146.79, sentiment across the broader market will need to improve.
Failure to break back to $140 levels through the middle part of the day could see Litecoin resilience fold, bringing the day’s second major support level at $130.82 into play, while we would expect Litecoin to hold on to $130 levels should appetite not improve later in the day.
Ripple’s XRP slid 4.86% on Tuesday, following on from Monday’s 0.69% fall, to end the day at $0.69211.
An early move through to an intraday high $0.751 saw Ripple’s XRP break free from the 23.6% FIB Retracement Level of $0.7112 to come within reach of the day’s first major resistance level at $0.759 before the afternoon sell-off kicked in.
Ripple’s XRP pulled back through the 23.6% FIB Retracement Level and the day’s first major support level at $0.69 to an intraday low $0.68077, before recovering to the end of day $0.69211, the only positive for the bulls being a close above the day’s first major support level.
At the time of writing, Ripple’s XRP was down again, falling 2.85% to $0.6728.
An early slide through to a morning low $0.65327 saw Ripple’s XRP fall through the day’s first major support level at $0.6649 before support kicked in, leaving the day’s second major support level at $0.6377 untested early on.
For the day ahead, a move back through the day’s first major support level to $0.68 levels would support a second half of the day recovery to $0.70 levels, though for Ripple’s XRP to break through the 23.6% FIB Retracement Level of $0.7112 to test the day’s first major resistance level at $0.7352, sentiment will need to materially improve this morning.
Failing to move back through to $0.68 levels will likely bring the day’s second support level at $0.6377 into play before any recovery, Ripple’s XRP unlikely to test sub-$0.60 levels on the day.
Tuesday’s slide and this morning’s moves continue to affirm the bearish trend formed at 24th April’s swing hi $0.96837, with any hopes of a recovery to $1.00 levels on ice for now.
