Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 06/12/18

It’s back in the red for the majors, early attempts at a reversal thwarted by the bears who are digging in for the winter.
Bob Mason
Alt Coins daily chart, May 07, 2018
Visual representation of Bitcoin and Litecoin virtual money, cryptocurrency

Bitcoin Cash – ABC Hammered

Bitcoin Cash ABC slumped by 12.3% on Wednesday, following on from a 5.97% fall on Tuesday and 7.28% slide on Monday, to end the day at $128.41.

Bearish from the start of the day, Bitcoin Cash ABC fell from an opening intraday high $146.42 to an end of the day intraday low and new swing lo $128.1, the reversal seeing Bitcoin Cash ABC slide through the first major support level at $142.25 and second major support level at $137.84 with ease.

Bitcoin Cash ABC was unable to move back through the support levels by the day’s end, pinned back at sub-$130 by the negative sentiment across the broader market.

At the time of writing, Bitcoin Cash ABC was down 2.74% to $124.9, a start of a day rise to a morning high $129.53 coming up well short of the first major resistance level at $140.52 before hitting reverse. The reversal saw Bitcoin Cash ABC fall to a morning low and new swing lo $124.9.

For the day ahead, a move back through the morning high to $130 levels would support a run at $134.31 to bring the day’s first major resistance level at $140.52 into play, though the negative bias will likely see Bitcoin Cash ABC pinned back to the low $130’s in the event of a recovery.

Failure to move back through to $134.31 could see Bitcoin Cash ABC take a bigger hit later in the day, a fall through the day’s first major support level at $122.2 bringing sub-$120 levels into play before any recovery.

The upward trend in BCH SV and downward trend in BCH ACB is reflecting investor inability to decide on a front runner, bringing price convergence into play through the coming weeks, if not days, that will likely end in a 1:1.

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Litecoin Back in the $20s

Litecoin fell by 6.54% on Wednesday, following a 0.72% gain on Tuesday, to end the day at $28.71, its first sub-$30 close out since 26th November.

A bearish start to the day saw Litecoin fall to a mid-morning low $29.6, calling on support at the first major support level at $29.52 to move back through to $30 levels by the early afternoon.

Negative sentiment across the broader market ultimately weighed, with Litecoin sliding through the first major support level at $29.52 to an intraday low $28.58, holding just above the second major support level at $28.33 by the day’s end.

At the time of writing, Litecoin was down 0.42% to $28.59, with moves through the early morning seeing Litecoin pullback from a start of a day morning high $29.41 to a morning low $28.37 before steadying, the major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high and hold above $29.5 would support a break through to $30 levels to bring the first major resistance level at $30.32 into play, while Litecoin would need support from the broader market to take a run at $31 levels and the second major resistance level at $31.93.

Failure to move back through to $30 levels could see Litecoin take another hit today, with a pullback through the morning low $28.37 bringing $27 levels and the day’s first major support level at $27.84 into play before any recovery.

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Ripple Rejoins the Pack

Ripple’s XRP fell by 4.14% on Wednesday, reversing Tuesday’s 1.55% gain with interest, to end the day at $0.33953, marking its lowest level since hitting $0.32 levels in September.

Bearish through the day, Ripple’s XRP fell from a start of a day intraday high $0.3558 to a late in the day intraday low $0.33792, Ripple’s XRP falling through the first major support level at $0.3404 in the final hours of the day.

At the time of writing, Ripple’s XRP was down 0.13% to $0.33910, with Ripple’s XRP falling from an early morning high $0.34298 to a low $0.337 before finding support, the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high to $0.3444 would support a run at $0.35 levels to bring the first major resistance level at $0.3509 into play before any pullback, a material shift in sentiment across the broader market needed for Ripple’s XRP to take a run at $0.36 levels and the second major resistance level at $0.3623.

Failure to move through to $0.3444 could see Ripple’s XRP take a bigger hit through the day, a pullback through the morning low $0.337 likely to see Ripple’s XRP fall through the first major support level at $0.333 to $0.32 levels, bringing the second major support level at $0.3265 into play before any recovery.

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