Bitcoin Cash, Litecoin and Ripple Daily Analysis – 04/06/18

Bitcoin Cash Struggles Early

Bitcoin Cash rallied 7.82% on Sunday, following on from Saturday’s 8.26% gain, to end the week up 17.5% to $1,169.8, Monday through Sunday.

An early morning dip to an intraday low $1,072.2 was the only bearish move of the day, with Bitcoin Cash managing to hold above the day’s first major support level at $1,015.9 to rally to an intraday high $1,194 through the middle part of the day.

Bitcoin Cash’s break out from the 23.6% FIB Retracement level of $1,100 by mid-morning supported a break though the day’s first major resistance level at $1,128.5 and second major resistance level at $1,172 to the day’s high before easing back to the day’s ending $1,169.8.

The break out from the 23.6% FIB Retracement Level of $1,100 and hold above the day’s first major resistance level at $1,128.5 supported the formation of a near-term bullish trend from 28^th May’s swing lo $868.0.

At the time of writing, Bitcoin Cash was down 3.8% to $1,125.5, a start of the day high and new swing hi $1,214.8 falling short of the day’s first major resistance level at $1,218.47, with investors locking in profits following the new swing hi, leading Bitcoin Cash down to a morning low $1,111.8, calling on support at the 23.6% FIB Retracement Level of $1,117, while steering clear of the day’s first major support level at $1,096.67.

For the day ahead, a move through $1,145 would support a run through to $1,200 levels to bring the day’s first major resistance level at $1,218.47 back into play, though Bitcoin Cash will likely face plenty of resistance at $1,200, broader market sentiment to dictate whether Bitcoin Cash can breakout from $1,200 to bring key resistance levels into play later in the day.

Failure to move back through $1,145 to take a run at $1,200 levels will likely see Bitcoin Cash test sub-$1,100 support levels, any material deterioration in market sentiment likely to see Bitcoin Cash resume the bearish trend, the current near-term bullish trend under pressure through the early part of the day.

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Litecoin Holding On, Just…

Litecoin gained 1.31% on Sunday, following on from Saturday’s 3.14% rise, to end the week up 6.31% to $125.27.

An early pull back from $123.97 to an intraday low $122.56 avoided the day’s first major support level at $119.96, with a broad based market rally driving Litecoin to an intraday high $127.95 in the early part of the afternoon, before easing back late in the day to $125 levels.

The mid-morning extended rally saw Litecoin break through the day’s first major resistance level at $125.9 and the 23.6% FIB Retracement Level of $127 before easing back, with Litecoin unable to break clear of $127 levels to take a run at $130 levels.

In spite of a pullback at the 23.6% FIB Retracement Level, the upward momentum has created a near-term bullish trend formed at 29^th May’s swing lo $110, though a move back through to $127 will be needed to avoid a resumption of the extended bearish trend.

At the time of writing, Litecoin was down 2.12% to $122.35, the start of the day $126.69 high, falling short of the day’s first major resistance level at $127.96, as the broader market moved into the red, pulling Litecoin through the 23.6% FIB Retracement Level of $124 and the day’s first major support level at $122.45 to a morning low $122.02.

For the day ahead, a move back through to $123.5 would support a run at $125 levels, with more support likely to kick in at the 23.6% FIB Retracement Level of $124, though Litecoin will be in the hands of sentiment across the broader market, investors locking in profits from the last week weighing early in the day.

Failure to move back through to $123 levels could see Litecoin face heavier losses on the day, with Litecoin likely to test support at the 38.2% FIB Retracement Level of $121 before any recovery, the day’s second major support level at $119.87 likely to be left untested barring materially negative news.

Litecoin’s near-term bullish trend formed at 29^th May’s swing lo $110 is under threat, with a move through to $125 levels needed to continue supporting a bullish outlook.

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Ripple Bears Fight Back

Ripple’s XRP rallied 6.85% on Sunday, following Saturday’s 3.77% rise, to end the week up 14.6% to $0.68922.

It was a relatively slow start for Ripple’s XRP, with an early slide to an intraday low $0.63901 leaving Ripple’s XRP range bound through the first part of the morning before finding support from a broader crypto market rally, though Ripple’s XRP trailed the majors through much of the day.

The mid-morning rally saw Ripple’s XRP break out from the 23.6% FIB Retracement Level of $0.6434 to support a move through the day’s first major resistance level at $0.6628 to hit an afternoon high $0.67523 before easing back through the afternoon, Ripple’s XRP getting a second rally in the final hours to break through the second major resistance level at $0.6805 and hold above the day’s first two major resistance levels.

Moves through the day and the late rally supported a near-term bullish trend formed at 29^th May’s swing lo $0.543.

At the time of writing, Ripple’s XRP was down 3.44% to $0.66402, a start of the day bounce to an intraday high and new swing hi $0.7073 tested the day’s first major resistance level at $0.706 before the cryptomarket sell-off kicked in.

Ripple’s XRP slid through the 23.6% FIB Retracement Level of $0.6547 and the day’s first major support level at $0.6557 with a morning low $0.64875 before recovering to $0.66 levels, Ripple’s XRP finding much needed support in the early part of the day.

For the day ahead, a move through to $0.6725 would support another run at the day’s first major resistance level at $0.706 to continue the near-term bullish trend, with Ripple’s XRP unlikely to be bucking any market trends following last week’s gains.

Failure to move back through to $0.6725 would likely see another test of support at the 23.6% FIB Retracement Level of $0.6547 and the first major support level at $0.6557, with the 38.2% FIB Retracement Level of $0.6334 in play should market sentiment fail to improve through the day.

While the near-term bullish trend remains intact, Ripple’s XRP will need to hold above the 23.6% FIB Retracement Level and move back through to $0.67 levels to avoid a resumption of the extended bearish trend formed back in late April.

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