Bitcoin Cash, Litecoin and Ripple Daily Analysis – 05/07/18

Bitcoin Cash Holds On

Bitcoin Cash gained 0.86% on Wednesday, partially reversing Tuesday’s 3.29% fall, to end the day at $761.9.

Bitcoin Cash fell to an early intraday low $738.1 before recovering to $750 levels, with Bitcoin Cash managing to avoid the first major support level at $727.23.

A late morning rally saw Bitcoin Cash break through the day’s first major resistance level at $807.43 to an intraday high $811.3 before easing back, with a late in the day sell-off seeing Bitcoin Cash back at $760 levels.

At the time of writing, Bitcoin Cash was down 0.26% to $761.5, with an early pullback seeing Bitcoin Cash fall to a morning low $752.1, before recovering. The rest of the morning seeing Bitcoin Cash lack direction, the day’s first major support and resistance levels left untested early on.

For the day ahead, a move back through $770.43 would support a run at $800 levels and the day’s first major resistance level at $802.77, with sentiment across the broader market needing to improve for Bitcoin Cash to hold on to $800 levels by the day’s end, Bitcoin Cash having failed to hold on for the last 2-days.

Failure to move through to $800 levels could see Bitcoin Cash take a hit later in the day, with the day’s first major support level at $729.57 in play, while we would expect Bitcoin Cash to avoid testing sub-$700 support levels, barring materially negative news hitting the wires.

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Litecoin Steadies

Litecoin gained 0.46% on Wednesday, reversing Tuesday’s 0.34% fall, to end the day at $85.17.

A start of the day pullback from an overnight sell-off on Tuesday, saw Litecoin fall to an intraday low $83.51 early on, while Litecoin managed to avoid the day’s first major support level at $82.79.

Following the broader market, a morning rally saw Litecoin move through the day’s first major resistance level at $88.79 to an intraday high $89 before pulling back to $86 levels, resistance at $90 pinning Litecoin back from a more material gain on the day.

An end of day sell-off saw Litecoin slide back to $85 levels, with the failure to move back through to $90 levels to take a run at the 23.6% FIB Retracement Level of $98 continuing to support the extended bearish trend.

At the time of writing, Litecoin was down 0.53% to $84.95, with Litecoin recovering from a start of the day low $84.16 to a morning high $86.81 before easing back to sub-$85 levels, the early moves leaving the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high $86.81 would support a run at the first major support level at $88.4, with $90 levels in play should sentiment improve across the market, though we would expect $90 to continue to be the key resistance level of the day.

Failure to test the first major resistance level at $88.4 could see Litecoin pullback later in the day to bring the day’s first major support level at $82.91 into play, with sub-$80 support levels in play should the market experience a broad based sell-off.

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Ripple Hovers at Sub-$0.50 Levels

Ripple’s XRP gained 0.82% on Wednesday, partially reversing Tuesday’s 1.53% fall, to end the day at $0.48996.

An early pullback to an intraday low $0.46943 saw Ripple’s XRP test the day’s first major support level at $0.4672 before recovering through the morning, the early sell-off a continuation of Tuesday’s late in the day reversal.

The morning recovery saw Ripple’s XRP move back through to $0.50 levels. A late afternoon trend bucking rally saw Ripple’s XRP test the day’s first major resistance level at $0.5104 with an intraday high $0.50777 before pulling back to sub-$0.50 levels by the day’s end, $0.50 a key level for Ripple’s XRP this week.

At the time of writing, Ripple’s XRP was up 0.43% to $0.49201, with moves through the morning tracking the broader market.

A morning low $0.4835 and high $0.50359 left the day’s major support and resistance levels untested early on.

For the day ahead, a move back through the morning high $0.50359 would support a run at the first major resistance level at $0.5087 to bring the 23.6% FIB Retracement Level of $0.5528 into play, though we will expect Ripple’s XRP to continue to struggle to hold on to $0.50 levels.

Failure to move back through to $0.50 levels could see Ripple’s XRP ease back to bring the first major support level at $0.4703 into play, with sentiment across the broader market to dictate whether Ripple’s XRP can recovery to $0.48 levels by the day’s end.

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