The bears take control again as the majors see another slide, with new swing los already struck as the market looks to recover some of the early losses.
Bitcoin Cash Thanks Again
Bitcoin Cash gained 1.8% on Saturday, partially reversing Friday’s 13.9% fall, to end the day at $764.
An early morning $779.7 was the only bullish move of the day, leaving the day’s first major resistance level at $843.8 untested through the morning, before an intraday low $730.5 in the late morning, in what was a relatively range bound day, Bitcoin Cash leaving the day’s first major support level at $688.5 untested before a recovery to the $760 levels.
At the time of writing, Bitcoin Cash was down 9.74% to $687.6, a late in the day move on Saturday failing to continue through the early hours as Bitcoin Cash tumbled through the day’s first major support level at $736.43 and second major support level at $708.87 to a morning $661 low, testing support at the third major support level at $659.67 before a partial recovery.
For the day ahead, a move back through to $700 levels and $758.07 would be needed to bring the day’s first major resistance level at $785.63 into play, though with the bears continuing rule the roost and investors jumping ship in the wake of the regulatory news out of Japan and what lies ahead in South Korea, Bitcoin Cash will likely face plenty of resistance at $700.
Failure to break back through to $700 levels and move through to $758.07 will likely see Bitcoin Cash test the day’s third major support level at $659.67 before any recovery.
As things stand, a run at $700 levels is likely before any pullback, with how Bitcoin Cash moves through the middle part of the day key to how it ends the day.
Litecoin Deep in the Red
A 5th consecutive day of losses saw Litecoin end the day down 1.95% at $83.37, following Friday’s 12.06% slide, taking Litecoin to a 14.12% loss for the week.
In a relatively range bound day, Litecoin’s intraday high $87.11 at the start of the day and an intraday low $81.59 in the early afternoon left the day’s first major resistance level at $94.45 and first major support level a $77.95 untested, a move back through to $80 levels late in the day the only positive for the bulls, following Friday’s sell-off.
At the time of writing, Litecoin was down 6.25% to $78.01, with the negative sentiment from Friday continuing to grip the markets.
A morning sell-off saw Litecoin fall through the day’s first major support level at $80.94 and second major support level at $78.5 to a morning low $75.7 before a partial recovery, the extended bearish trend formed at early May’s swing hi $182.35 firmly intact.
For the day ahead, a move back through $80 to $84 would support a run at the day’s first major resistance level at $86.46, though sentiment across the broader market will need to see a material improvement for Litecoin to have any chances of a rebound.
Failure to move back through to $80 would likely see Litecoin pullback through the morning’s low to bring the third major support level at $72.98 into play before any recovery.
Ripple on the Slide Again
Ripple’s XRP gained 1.3% on Saturday, partially reversing Friday’s 9.11% fall, to end the day at $0.48999.
An early pullback to a morning low $0.47503 left the day’s first major support level at $0.4544 untested through the day, with a range bound afternoon leaving Ripple’s XRP shy of the day’s first major resistance level at $0.4990, with an intraday high $0.49609.
At the time of writing, Ripple’s XRP was down 7.32% to $0.45303, with the negative sentiment towards the crypto’s dragging Ripple’s XRP deep in the red through the early morning.
The morning reversal saw Ripple’s XRP fall through the day’s three major support levels to a morning low $0.4437 before recovering to $0.45 levels, the move back through the third major support level at $0.4449 easing some of the pain for the crypto bulls.
For the day ahead, a move through $0.487 would bring the day’s first major resistance level at $0.4990 into play, while $0.50 levels will likely to be out of play for a second consecutive day, the negative sentiment across the broader market expected to keep any relief rally on hold for now.
Failure to move back through to $0.487 would support further declines later in the day, with Ripple’s XRP likely to retest the day’s third major support level at $0.4449 before any partial recovery, the Ripple’s XRP extended bearish trend, formed in late April, firmly intact at the end of the weekend.
