Midday update for bitcoin 03-05-2018

Bitcoin price tests the bullish pennant’s resistance mentioned in our recent reports, which supports the continuation of our bullish overview in the upcoming sessions, which its next target located at 10748.00, while holding above 8643.35 represents the most important condition to achieve this target.

Expected trading range for today is between 8800.00 support and 9800.00 resistance

Bitcoin Cash Resumes Bull Trend
Bitcoin Cash gained 7.83% on Wednesday, following Tuesday’s 0.54% consolidation, to end the day at $1,461.2, its highest close since 20th February’s $1,543.1.

A middle part of the day rally saw Bitcoin Cash break out from the 23.6% FIB Retracement Level of $1,347.5 to hit an intraday high $1499.9 before a slight pullback before the end of the day, Bitcoin Cash resuming its bull trend following a start of the week consolidation from April’s rally.

Bitcoin Cash’s hold above the day’s 2nd major resistance level of $1,442.3 bringing $1,500 levels into play in the early hours of this morning.

At the time of writing, Bitcoin Cash was up 3.51% to $1,511.7, a start of the day bounce to a day high $1,543.3 breaking through the first major resistance level of $1,533.13 before easing back to current levels.

With key support levels untested on Wednesday and through the early part of this morning, a break out from the first major resistance level would support a run at April’s swing hi $1,578.3 to bring $1,600 levels into play this week and a possible return to $2,000 ahead of 15th May’s hard fork.

Failure to break through to $1,550 could see Bitcoin Cash pullback to test support at the $1,400 psychological level, which will be dependent upon sentiment across the broader market, with any pullback to $1,300 levels bringing the day’s first major support level of $1,356.03 into play.

We will expect key support to sit at $1,200, just below the 38.2% FIB Retracement Level of $1,204.6, any pullback through to $1,100 levels bringing sub-$1,000 and a full reversal of the current bullish trend into play.

Litecoin Moves back to the $150s
Litecoin gained 1.97% on Wednesday, reversing Tuesday’s 0.22% decline, to end the day at $150.9. Wednesday’s gain was not enough to reverse Monday’s 3.3% slide, but moving back through to $150 levels was key to support a continuation of the bullish trend formed at 6th April’s swing lo $112.1.

An intraday high $152.88 saw Litecoin break clear of the 38.2% FIB Retracement Level of $145.33 to move through the day’s first major resistance level of $150.25 to test the 2nd major resistance level of $152.51, which led to a pullback to $150 levels by the day’s end.

At the time of writing, Litecoin was up 1.37% to $152.86, with Wednesday’s hold above the day’s first major resistance level supporting a positive move through the early part of the day.

An early $154.35 high came within reach of the first major resistance level of $153.68, whilst moving through the 23.6% FIB Retracement Level of $153.18, leading to a pullback to current levels.

With buyer appetite providing support at current levels, a move back through the first major resistance level would support a run at $155 levels, to bring the 2nd major resistance level of $156.45 into play and $160 levels.

Failure to break out from the 23.6% FIB Retracement Level to retest the day’s first major resistance level could see Litecoin move into a reversal later in the day to bring sub-$150 support levels into play, while we will expect Litecoin to receive plenty of support from any pullback through Wednesday’s $146.53 low to the 38.2% FIB Retracement Level of $145.33 and the day’s 2nd major support level of $143.75.

Expected trend for today: cordyline