Bitcoin Cash Technical Analysis – Bitcoin Cash Falls through Key Support Level 13/02/2018

Key Highlights

  • Bitcoin Cash hit an intraday high $1,297.3 on Monday, before easing back ahead of the close to end the day up 5.26% at $1,275.
  • A bearish trend has formed through the early part of Tuesday, with Bitcoin Cash down 4.14% to $1,230.3 at the time of writing.
  • Bitcoin Cash tested its first major support level $1,232.6 in the early hours, falling to an intraday low $1,213, before moving back to $1,230.3.

Bitcoin Cash Price Support

Following Monday’s failed attempts to break through to $1,300 levels, Bitcoin Cash has been the worst performer amongst the major cryptocurrencies this morning, with a $1,285.2 intraday high being hit at the start of the day.

The pullback through the morning has seen Bitcoin Cash test its first major support level of $1,232.6, having fallen to an intraday low $1,213, with a bearish trend developing through the morning.

Bitcoin Cash fell through the 23.6% FIB Retracement of $1,237.17, with a lack of buyers pinning back a move back towards $1,300 levels hit during the weekend.

A failure to pull back through to $1,250 could see a further decline to test the next major support level sitting of $1,175.45, though we will expect some support at $1,200.

Sentiment towards the cryptomarket continues to pin back any major rally, with Bitcoin Cash and the rest of the cryptos unable to hold on to gains as investors continue to fret over what lies ahead for the market.

Regulatory updates continue to hit the news wires and, while much of the chatter is from smaller crypto jurisdictions, the main jurisdictions are unlikely to be far behind, with any major news likely to hit the markets hard over the near-term.

For Bitcoin Cash, another concern for investors will be the imminent launch of Litecoin’s LitePay, with the team has announced a launch date of 26th February. Investors will have to wait for launch to get a sense of how popular the payment platform will be, but it will more than likely test support for Bitcoin Cash near-term.

The support and resistance levels provide some guidance on where buyers and sellers may be concentrated, but as we have seen through much of the year, moves are likely to be news driven until the market settles.

Bitcoin Cash 4H Chart
Bitcoin Cash 4H Chart

Looking at the Technical Indicators

  • Major Support Level: $1,175.45
  • Major Resistance Level: $1,322.1
  • Fib 23.6% Retracement Level: $1,237.17
  • Fib 38% Retracement Level: $1,145.72
  • Fib 62% Retracement Level: $997.89


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Key Highlights

  • Ethereum was up 10.79% to $830.99 against the U.S Dollar in the early part of this morning, as market sentiment towards the market improved through Wednesday.
  • A bullish trend has been formed, with Ethereum looking to test the first major resistance level of $831.04 for a third time today, having moved through to an intraday high $835.87 in the early hours.
  • Resistance will be on the stronger side with investors ready to lock in profits early.

Ethereum Price Support

Following Tuesday’s intraday low $555.56, support levels kicked in, with ETH/USD moving to an intraday high $851.20 before easing back to a $757.07 close on Wednesday.

Market sentiment has seen a vast improvement from Tuesday’s lows on expectations that regulatory action in the U.S at least will be more moderate than initially thought.

Ethereum hit a swing hi $835.87 this morning, breaking through the $831.04 resistance level for the 2nd time, before pulling back to $830.99 (+10.79%). A move through to $840 levels will be needed for a more sustained rally, with the next major resistance level sitting at $905, as ETH/USD looks to break back to $1,000 levels.

The trend continues to be bullish, though a failure to make a sustained break through $831.04 resistance levels could see ETH/USD fall back to the 23.6% FIB retracement of $791.73 before buying appetite returns.

The good news for Ethereum buyers is the fact that the threat of the PBoC banning the trading of cryptocurrencies domestically and overseas turned out to be fake news, with the cryptomarket bulls coming out in support, with calls of the cryptomarket cap hitting $1tn by the end of the year providing support.

We will expect resistance to be strong, however, holding back a move through to $1,000 in the near-term, as uncertainty continues to plague the market, with investors quick to lock in profits through the day.

Ethereum 4H Chart
Ethereum 4H Chart

Looking at the Technical Indicators

  • Major Support Level: $703.27
  • Major Resistance Level: $831.04
  • Fib 23.6% Retracement Level: $791.73
  • Fib 38% Retracement Level: $746.6
  • Fib 62% Retracement Level: $673.64

Key Highlights

  • Ethereum fell through today’s $590.1 support level against the U.S Dollar this morning, following Monday’s 18.68% fall to a closing $697.95.
  • A major bearish trend continues with the next major support level for ETH/USD sitting at $511.33.
  • At the time of writing, ETH/USD is sitting close to its intraday low $555.56 at $568.82, with further declines through the day likely.

Ethereum Price Support

Following a closing $697.95 on Monday, 5th February, it’s been downhill all the way for ETH/USD, with today’s first support level of $590.1 falling away as sentiment towards the cryptomarket continued to deteriorate in the early part of the day, with ETH/USD hitting a swing low $555.56 in the early hours.

Since touching an intraday low, ETH/USD has found a little upside, with the pair trading within tight ranges through the middle part of the morning.

The trend continues to look bearish for ETH/USD, with a fall through to the next support level of $511.33 likely to lead to more significant losses through the day.

There is some wiggle room, however, with ETH/USD first resistance level sitting at $802.15, though a 23.6% FIB retracement of $713.31 will likely stifle any moves towards $802.15.

A move back through $713.31 later in the day will likely have plenty of sellers, with ETH/USD unlikely to find too much support at $700 levels this afternoon.

With the negative market sentiment unlikely to abate through the early part of the week, any upside through the day will likely be short-lived barring a shift in sentiment that would need to be driven by a shift in regulatory chatter. We don’t expect the PBoC or other regulators to step in to ease the cryptomarket panic, which should maintain the bearish outlook for them ahead.

Looking at the Technical Indicators

  • Major Support Level: $511.33
  • Major Resistance Level: $802.15
  • Fib 23.6% Retracement Level: $713.31
  • Fib 38% Retracement Level: $810.9
  • Fib 62% Retracement Level: $968.66

Key Highlights

  • Cardano dropped 10.52% on Sunday morning to trade at $0.4386, as the majority of cryptocurrencies managed to hold on to intraday gains by the close. 
  • Cardano finished the previous week on a downward trajectory, recovering from the previous week’s closing $0.418.
  • There was a strong resistance at $0.52 levels through the previous week, which held Cardano back from testing $0.56 resistance levels.
  • Cardano tested the $0.30 and bounced back following to hit the $0.52. Currently, Cardano trades inside the range.

Cardano Price Resistance

Following a weekly closing at $0.413, Cardano managed to avoid testing support levels through the day, with a move through to $0.488 levels allowing Cardano to partially recover the lost ground from the week.

Cardano managed to move above the 50.0% Fib retracement level of the last drop from $0.5207 high to $0.2973 low, though there was plenty of resistance through the day, with the pair failing to test to hold above 78.6% $0.47 through the day.

The chart below shows how the Cardano continues to trade in a bearish sentiment along with other cryptocurrencies although, for the day, Cardano managed to stay in a positive territory with the pair up 6.54% to $0.474 at the time of writing.

ADA-1H-Chart
ADA-1H-Chart

With Cardano having fallen through the first support level of $0.435, the next major support level sits at $0.409, with today’s first resistance level of $0.473 some way off and unlikely to be tested through the day, barring a retracement back through the Fib 78.6% retracement level through the middle part of the day.

While the general sentiment towards the cryptocurrencies remains negative and Bitcoin is trading below $10,000, ranges are likely to continue moving lower, as the markets fret over what lies ahead from a regulatory standpoint, with the SEC now looking to move ahead and introduce regulations in order to reign in fraudulent activity that has hit the market through the start of the year.

Technical Indicators

Major Support Level: $0.409

Major Resistance Level: $0.435

Fib 50.% Retracement Level: $0.4094

Fib 38% Retracement Level: $0.3829

Fib 62% Retracement Level: $0.435