Following a very unique price development for Bitcoin Cash, the market crash Yesterday did include the just sprung-crypto from Bitcoin’s Network.
The 100 percent Fib retracement level since the surge $296 to $972 has been completed for BCH/USD and now as the price was declining strong support was found at $300 level, not going below $302.03. Now it is experiencing a 21.90% gain in the last 24-hours reaching $422.17 adding up $2 billion on market cap in a day.
It could be targeting the previous range bound zone between $523 and $736 in which the pair BCH/USD was trading for quite some time.
Source: Coinmarketcap
However, as the leading digital currencies are approaching last supportive lines that now have been forming resistances the recovery rally has slowed down. In conclusion a last-lowest dip retest could be incoming for other altcoins and BCH too.
Long positioning should be taken only the retest is successfully made of the supportive major mark at $300. In general as the market is volatile the other leaders in the top ten are more rebound-able so looking into them could be more of a better choice than Bitcoin cash.
Out of the top-ten by market cap – Ripple [XRP] had the lowest in recovery for the last 24-hours with almost 10% gain in price against the US Dollar, so reaching $0.1780 from the monthly lowest hit yesterday at $0.1509.
As Bitcoin cash, Ripple is regaining almost $2 billion lost market capitalization from $5.7 bln to $7.3 bln proportionally with the trading volume rising to $222 million int he last 24 hours.
The last major decline was initiated when XRP/USD was at $0.1950 – $0.1930 which now will be the most important resistance to clear and successfully close so open doors for more gain would be formed.
Source: Coinmarketcap
Most likely for now the resistances could be holding and the price returning to retest its supports at $0.1500 once again. We shall look for buying opportunities only after ripple breaks out of the downtrend line and $0.19300 levels.
