Bitcoin Cash Slides Again
It was another choppy day on Saturday, with those looking for an early weekend rally likely to have been disappointed through the second half of the day.
Bitcoin Cash rallied to an intraday high $1,031 on Saturday morning, moving through the day’s 23.6% and 38.2% FIB Retracement Levels, while falling short of the day’s 62% FIB Retracement Level of $1,047.45 and perhaps more importantly, the day’s first major resistance level of $1,060.73.
Sellers were lined up at $1,000 levels and with Bitcoin Cash falling short of major resistance levels, the bearish trend resumed through the remainder of the day, with Bitcoin Cash sliding to an intraday low $922.4, before closing out the day at $940, down 2.93% for the day.
Of little comfort through the day will have been the fact that Bitcoin was able to avoid testing major support levels.
The sell-off has yet to abate in the early hours of this morning, with Bitcoin Cash down 3.87% to $907.3 at the time of writing.
An early intraday low $903.2 was as bad as it’s got so far this morning, but with sentiment across the cryptomarket weakening, the day ahead could be a testy one.
A failure to move through to the day’s 23.6% FIB Retracement Level of $936.9 will likely see support levels tested today, with the day’s first major support level sitting at $898. We will expect Bitcoin Cash to find plenty of buyers at this level, but things may go from bad to worse as the day progresses and the market fails to deliver a weekend rally.
Investors have been fretting since last Wednesday’s session in Congress and, with the G20 next week, regulatory oversight remains the key concern near term, as governments and central banks look to take control of the cryptomarket and the initial coin offering platform.
Litecoin Slides Again
While some of the cryptos would have enjoyed a small rally on Saturday, Litecoin investors saw plenty of red through the day, as the bearish trend resumed from Friday’s day high $172.
Litecoin fell by 7.9% on Saturday to end the day at $152.33, with the day’s low $151.18 falling through the first major support level of $158.24 and the 2nd support level of $151.68.
Pulling back from the day’s 23.6% FIB Retracement Level of $160.5 left Litecoin exposed, with investors getting all the more bearish as the day progressed.
Things have not gotten any better this morning, with Litecoin down 3.26% at $147.68 at the time of writing.
Litecoin has already tested the day’s first major support level of $147.18, with an early intraday low $145.69, the only good news being that the 2nd support level was left untested, though should the bearish sentiment remain through the day, Litecoin could be facing the prospects of sub-$140.
A move back through the day’s $152.79 high would spell the start of a weekend rally, though Litecoin would need to move through the day’s 23.6% FIB Retracement Level of $160.5 to have any chance of holding onto any gains in the event of an afternoon rebound.
With so much uncertainty and the G20 to consider, there’s little reason for a rebound near-term however, barring any momentum driven moves that are likely to be short term at best.
Ripple Hits new Lows
Ripple’s XRP saw quite a sell-off on Saturday, ending the day down 7.65% at $0.6259. Things had been looking promising in the early part of the day, with Ripple’s XRP bucking the trend to hit an intraday high $0.6869, while the majority of its peers stood in the red.
Sentiment shifted however, with Ripple’s XRP going into free fall through the remainder of the day, hitting an intraday low $0.6145 on the way to the end of day $0.6259.
While major resistance levels were left untested, Ripple’s XRP fell through the day’s 1st major support level of $0.6501 with ease, before testing the 2nd support level of $0.6216.
Closing out the day below the day’s first major support level was certainly signalling a bearish start to today, with Ripple’s XRP falling 5.14% to $0.5921 at the time of writing.
Pulling back through the day’s first major support level of $0.598 will certainly be of concern for investors, with Ripple XRP’s demise from last Sunday’s swing hi $0.8378 testing even the hardiest of investors.
For the day ahead, Ripple’s XRP will need to move back through to $0.60 levels and test investor sentiment at the day’s first major resistance level of $0.6704 and 23.6% FIB Retracement Level of $0.6755.
Falling short of key resistance levels through the middle of the day will likely be another blow for investors, with a sub-$0.60 close today setting Ripple’s XRP up for a rocky week ahead.
This article was originally posted on FX Empire