Bitcoin Cash, Litecoin and Ripple Daily Analysis – 03/07/18

Bitcoin Cash Bounces

Bitcoin Cash gained 4.34% on Monday, reversing Sunday’s 1.47% fall, to end the day at $781.1, while also pulling Bitcoin Cash into positive territory at the start of the 3^rd quarter.

A relatively range bound first half of the day saw Bitcoin Cash pullback to an intraday low $721.2 by mid-morning, Bitcoin Cash managing to steer clear of testing the day’s first major support level at $717.47 before a mid-day bounce.

Following the broader market, Bitcoin Cash jumped from $735.8 to an intraday high $797.6 in the early afternoon, with Bitcoin Cash breaking through the first major resistance level at $755.47 and second major resistance level at $773.33 to an intraday high $797.6 before pulling back to $780 levels by the day’s end.

For the bulls, Bitcoin Cash came within reach of $800 levels for the first time since sitting at $800 levels back on 23^rd June.

At the time of writing, Bitcoin Cash was up 4.42% to $815.5, with the latest move seeing Bitcoin Cash beginning to form a near-term bullish trend from 29^th June’s swing lo $645.5, while the extended bearish trend remains intact, with Bitcoin Cash needing to break through the 23.6% FIB Retracement Level of $930 to begin a bearish trend reversal.

For the day ahead, a move back through a morning high $831.3 would support a run at the day’s second major resistance level at $843.03 to bring $900 levels into play, with Bitcoin Cash having moved through and held above the first major resistance level at $812.07 earlier in the day.

Failure to take a run at $840 levels could see investors look to lock in profits from Monday and this morning’s gains, which could see Bitcoin Cash slide back through the morning’s $779 low to bring the first major support level at $735.67 into play before any recovery, sub-$700 support levels likely to be left untested barring materially negative news hitting the wires.

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Litecoin Gets a Boost

Litecoin gained 5.49% on Monday, reversing Sunday’s 1.68% fall, to end the day at $85.46.

A relatively range bound morning saw Litecoin ease to an intraday low $78.32 before a broad based market rally kicked in through the early afternoon, Litecoin having held above the day’s first major support level at $77.78 through the morning.

The afternoon rally saw Litecoin break through the first major resistance level at $81.45 and second major resistance level at $83.26 to an intraday high $86.98 to test the day’s third major resistance level at $86.93 before easing back to $85 levels by the day’s end.

At the time of writing, Litecoin was up 4.39% to $89.2, the morning’s gains seeing Litecoin break through the day’s first major resistance level at $88.85 to test resistance at $90, with a morning high $90 before easing back, a near-term bullish trend beginning to form.

For the day ahead a run back through $90 would support a run at the day’s second major resistance level at $92.25 to bring the 23.6% FIB Retracement Level of $98 into play, any failure to break back through $90 in the middle of the day likely to see Litecoin pullback to the low $80s, though we would expect the day’s first major support level at $80.19 to be left untested.

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Ripple Back into the $0.50s

Ripple’s XRP gained 6.61% on Monday, reversing Sunday’s 1.54% fall, to end the day at $0.49179.

Following the broader markets, Ripple’s XRP had a relatively range bound morning, an intraday low $0.45055 holding above the day’s first major support level at $0.4492 before the early afternoon rally kicked in that took Ripple’s XRP through the day’s first major resistance level at $0.4731 and second major resistance level at $0.4849 to an intraday low $0.49775 to hold above the second major resistance level by the day’s end.

At the time of writing, Ripple’s XRP was up 3.98% to $0.51117, with the upward momentum from Monday afternoon continuing through this morning, Ripple’s XRP breaking through the day’s first major resistance level at $0.5095 to hit a morning high $0.52133 before pulling back to $0.51 levels.

For the day ahead, a move back through to $0.52 levels would support a run at the second major resistance level at $0.5272 to raise the prospects of a run at the 23.6% FIB Retracement Level of $0.5528 in the week that would begin a bearish trend reversal.

Failure to move back through to $0.52 levels could see Ripple’s XRP ease back to $0.50 levels by the day’s end, though the first major support level at $0.4623 would likely be left tested, the key for the bulls being a consolidation at $0.50 levels by the day’s end.

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