Bitcoin Cash Rally Hits the Brakes
Bitcoin Cash consolidated Wednesday’s 18.33% rally in style on Thursday, gaining a further 7.87% to end the day at $966.
After a slow start, with Bitcoin Cash moving within a tight range through the first half of the day, a middle of the day rally saw buying appetite kick in, with Bitcoin Cash rallying through to an intraday high $984.2 in the mid-afternoon.
It was another day of breaking through resistance levels, with Bitcoin Cash moving through the day’s first major resistance level of $945.77 to come up against the 2nd resistance level of $995.33, which was a step too far for the day.
An early morning $876.6 low gave investors little cause for concern, the day’s low hold well above key support levels, with the broader market seeing sizeable gains for a 2nd consecutive day, Bitcoin Cash outmuscling Bitcoin for yet another day.
At the time of writing, Bitcoin Cash was down 1.81% to $947.6 as the week’s rally hits the brakes ahead of the weekend.
An early rally through to an early $998 high saw Bitcoin Cash come up short of $1,000 levels and the day’s first major resistance level of $1,007.93, investors locking in profits following a solid run, with Bitcoin Cash falling to an intraday low $941 in the last hour.
The morning’s low held well above the first major support level of $900.33 and 23.6% FIB Retracement Level of $893.6, which was the only positive from the start of the day.
For the day ahead, the market can expect some pullback following the week’s gains, though with no materially negative news hitting the wires, investors would likely come in before a pullback to key support levels, positive sentiment across the market continuing to support the near-term bull trend.
Failure to move back through to the morning’s high $998 and test resistance at the $1,000 psychological level could see Bitcoin Cash give up further gains, though sub-$900 levels are unlikely barring negative news hitting the wires, with a 2nd half of the day recovery likely.
Litecoin consolidates at $140 after an early $150 high
It was another strong showing for Litecoin, which gained 4.47% on Thursday, following Wednesday’s 6.25% rise, to end the day at $146.78.
Litecoin may have lagged some of its peers, but a 4th day of gains in 5 has certainly reversed the negative sentiment towards the recent pulling of LitePay.
A slight reversal through the middle of the morning to $139.07 was the only negative for the day, Litecoin enjoying a solid rally though the second half of the day to an intraday high $147.74 before a slight pullback at the day’s end.
Litecoin had far more success at key resistance levels, breaking through the first major resistance level of $144.05 and 2nd resistance level of $147.61 before facing some profit taking, the positive being a hold above the day’s first major resistance level by the close.
With the day’s lows holding well above key support levels, the bullish trend formed at 6th April’s swing lo $112.1 remains intact, as Litecoin goes in search of $150.
At the time of writing, Litecoin was down 0.99% to $144.89, with the end of Thursday’s rally coming to an end in the early hours of the morning, Litecoin hitting an intraday high $150.97 before going into reverse.
The early high saw Litecoin test the day’s first major resistance level of $150.05, with selling pressure in the wake of the week’s gains seeing Litecoin pullback to a morning $143.31 low.
Holding above the day’s first major support level of $141.19 and 23.6% FIB Retracement Level key to a rebound through the remainder of the day.
A move back through to $147 levels would support another run at $150, though sentiment across the broader market will need to improve for Litecoin to break free of the first major resistance level and continue its impressive run.
Failure to move back to $147 could see another pullback to bring the day’s first major support level into play, though we would expect Litecoin to hold on to $140 levels should Litecoin fail to recover the morning’s losses.
Ripple makes Waves
It’s been quite a week for Ripple’s XRP and Thursday’s 19.15% surge was an impressive one, following Wednesday’s 9% rise, as Ripple’s XRP came within touching distance of $0.80 levels for the first time since 14th March.
Moves through the day had lagged the rest of the cryptomarket, with Ripple’s XRP having recovered from a start of the day fall to a day low $0.69157 back to $0.70 levels, before a rally in the final hours that saw a move from $0.73777 to a day high $0.79071.
A late rally saw Ripple’s XRP catch up and pass the crypto majors, Ripple’s XRP breaking through the day’s first major resistance level of $0.7473 and 2nd resistance level of $0.7783 with ease before a hold above the first two key resistance levels by the day’s end.
The near-term bullish trend formed at 6th April’s swing lo $0.45716 has certainly remained intact, with key support levels now having been left untested since Monday.
At the time of writing, Ripple’s XRP was up 6.06% to $0.82812, bucking the trend amongst the majors in the early part of the day.
A morning $0.87145 high broke through the day’s first major resistance level of $0.8182 and 2nd resistance level of $0.8540 before pulling back to current levels, Ripple’s XRP recovering from an early dip to $0.77456 at the start of the day.
With the morning’s low steering clear of the day’s first major support level, the bullish trend remains intact, with sentiment across the broader market likely to dictate direction through the remainder of the day.
A move back through to $0.87 levels would support a run at $0.90 levels, while testing the 3rd resistance level of $0.9532 may be a step too far following the moves through the week.
Failing to move back to $0.87 levels could investors look to lock in profits, though the recent shift in sentiment should provide the necessary support to hold Ripple’s XRP back from testing the day’s first major support level of $0.7191 and 23.6% FIB Retracement Level of $0.712.
All of this and the weekend still to come…