Bitcoin Cash, Litecoin and Ripple Daily Analysis – 01/05/18

Bitcoin Cash Takes a Hit

Bitcoin Cash went into reverse at the start of the week, falling 6.43% to end the day at $1,348, more than offsetting Sunday’s 3.69% gain.

The day started as it ended on Monday, with Bitcoin Cash sliding to a morning low $1,370.8, with any hopes of an afternoon rebound evaporating through the middle of the day, as Bitcoin Cash slid through the 23.6% FIB Retracement Level of $1,347.5 to a late in the day $1,330 low. The early fall through the day’s first major support level of $1,370.2 had added further downward pressure on Bitcoin Cash, with the broad market sell-off seeing buyers on the side lines at key support levels.

For the bulls, the only good news was a partial recovery to end the day above the 23.6% FIB Retracement Level, while failing to move back through the first major support level.

At the time of writing, Bitcoin Cash was down 5.23% to $1,277, as the Monday slide spilled into the early hours of Tuesday morning, Bitcoin Cash sliding to a start of the day $1,243.4, its first visit to $1,200 levels since Thursday’s $1,236.2 low.

For the day ahead, it’s going to be damage limitation early on, with the morning slide having already seen Bitcoin Cash slide through the day’s first major resistance level of $1,302.07 and 2^nd major resistance level of $1,256.13 before a partial recovery.

A move back through to $1,290 would support a break out from the day’s first major support level, while a move back through the 23.6% FIB Retracement Level of $1,347.5 would need sentiment across the broader market to improve through the early part of the morning.

While the bullish trend formed back at the 6^th April’s swing lo $600.1 remains intact, failing to move back through the 23.6% FIB Retracement Level could begin to see the formation of a bearish trend ahead of this month’s hard fork.

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Litecoin gives up $150 Levels

Litecoin slipped 3.3% on Monday, reversing Sunday’s 1.01% gain, to end the day at $148.18.

There was no escaping the start of the week sell-off, investors locking in profits from the previous week, with Litecoin taking a hit at the start of the day, falling to a morning low $149. The day’s first major support level of $148.92 saw little buying interest, with the broader market sentiment leaving buyers on the side lines, to leave Litecoin on the slide through the afternoon to an intraday low $147.06 late in the day.

For the bulls, holding above the 2^nd major support level of $144.48 and 38.2% FIB Retracement Level of $145.33 was the positive from the day, with the bullish trend intact in spite of the day’s slide.

At the time of writing, Litecoin was down 2.7% to $144.32, Monday’s late in the day slide continuing into the early hours of this morning, with Litecoin hitting an early $142.73 low.

Negative sentiment across the broader market gave Litecoin little cushion at key support levels, with Litecoin falling through the 38.2% FIB Retracement Level and the day’s first and second major support levels, before moving back through the 2^nd support level of $142.95 to current levels.

For the day ahead, a move back through the 38.2% FIB Retracement Level of $145.33 and the day’s first major support level of $145.56 will be key to bring an end to the current sell-off, though investors will likely be wary of coming back in before a shift in sentiment across the broader market.

A move back through to $145 levels would support a recovery this morning, with any run at $150 levels in the hands of sentiment across the broader market, with Bitcoin likely to be the market barometer for the day.

Failing a late morning recovery, sub-$140 support levels could come into play. A fall through the day’s 3^rd major support level of $136.22 would signal the beginning of a reversal to the bullish trend formed back on 6^th April. We would expect support at $140 to avoid such a move however, with $140 likely to be considered a good entry price.

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Ripple sees sub-$0.80 Levels

Ripple’s XRP slid 3.93% on Monday, eating into the weekend’s gains, to end the day at $0.83234.

After a promising start to the day, with a move through to an intraday high $0.88065, the broad market sell-off took its toll, with Ripple’s XRP falling through the 23.6% FIB Retracement Level of $0.8477 and first major support level of $0.8252 to a morning low $0.82428, before an afternoon sell-off.

Ripple’s XRP slid to a day low $0.81355 late in the day before a partial recovery by the day’s end, the positive for the day being a hold above the day’s 2^nd major support level of $0.7751 and 38.2% FIB Retracement Level of $0.7731.

At the time of writing, Ripple’s XRP was down 3.86% to $0.79968, the late Monday sell-off carrying on into the early hours of this morning, leading Ripple’s XRP through the day’s first major support level of $0.8037 to a morning low $0.78116 before moving back to $0.79 levels and a look at breaking back through the day’s first major support level.

For the day ahead, a move back through to $0.80 levels would provide some comfort, though for a more sustained recovery, Ripple’s XRP will need to make a move through the 23.6% FIB Retracement Level of $0.8477, such a move in the hands of sentiment across the broader market.

Today’s not a day about the Ripple team’s successes and the adoption of Ripple’s platform, the more cautious investor keen to avoid getting caught in another sell-off that saw Ripple’s XRP fall to the 6^th April’s swing lo $0.45716.

Failure to move through to $0.80 levels and break out from the day’s first major support level of $0.8037 will likely bring the day’s 2^nd major support level of $0.7751 and 38.2% FIB Retracement Level of $0.7731 into play. While we would expect support at $0.77 levels, deep red across the market could see Ripple’s XRP take a bigger hit later in the day.

Following Monday’s fall and the bad start to the day, it’s certainly a day for caution.

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