Bitcoin Cash, Litecoin and Ripple Daily Analysis – 05/10/18

Bitcoin Cash Slips Back Again

Bitcoin Cash fell by 0.44% on Thursday, following Wednesday’s 2.86% slide, a 3^rd consecutive day in the red leaving Bitcoin Cash at $514.7 by the day’s end.

A bullish start to the day saw Bitcoin Cash break through the first major resistance level at $531.67 to hit an intraday high $533.2, before reversing. Sliding through the rest of the day, Bitcoin Cash fell to a late in the day intraday low $507.7 before recovering, the first major support level at $504.67 left untested on the day.

At the time of writing, Bitcoin Cash was down 0.08% to $514.3 in what’s been a relatively range bound start to the day. An early rise saw Bitcoin Cash move to a morning high $520.7 before sliding to a morning low $511.3, the moves through the morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $520 levels by late morning would support a run the day’s first major resistance level at $529.37, to bring $530 levels into play, though Bitcoin Cash would need to move back through to $520 levels by the early afternoon to support a move later in the day.

Failure to move back through to $520 levels could see Bitcoin Cash fall back through the morning low $511.3 to bring sub-$510 levels and the day’s first major support level at $503.87 into play, sub-$500 support levels unlikely to be tested barring materially negative news hitting the crypto wires.

Litecoin Ends the Rout

Litecoin rose by 1.29% on Thursday, partially recovering Wednesday’s 3.31% slide, to end the day at $57.99, Thursday’s gain bringing to an end a sequence of 6 consecutive days of losses.

An early morning rally saw Litecoin hit an intraday high $58.9 to test the day’s first major resistance level at $58.86 before easing back, a relatively range bound morning and early afternoon seeing Litecoin hold on to early the early gains, with plenty of support at sub-$58 levels.

A late pullback to an intraday low $57.08 saw Litecoin steer well clear of the first major support level at $56.09 before moving back into positive territory by the day’s end.

At the time of writing, Litecoin was down 0.14% to $57.92, with moves through the early morning seeing Litecoin pullback from an early morning high $58.38 to a morning low $57.58 before steadying, the major support and resistance levels left untested.

For the day ahead, a move aback though to $58 levels by late morning would support a run at the day’s first major resistance level at $58.9 to bring $59 levels into play, with Litecoin needing to break back through to $58 levels by late morning to support an afternoon rally.

Failure to move back through to $58 levels could see Litecoin move back through the morning low $57.58 to test the day’s first major support level at $57.08, with sentiment across the broader market to dictate whether sub-$57 support levels will come into play, any negative news likely to see Litecoin test the day’s second major support level at $56.17 before any recovery.

Ripple Flat

Ripple’s XRP fell by just 0.08% on Thursday, following Wednesday’s 2.2% gain, to end the day at $0.52814.

Tracking the broader market, Ripple’s XRP moved through to an early morning intraday high $0.5441 to test the day’s first major resistance level at $0.5409 before sliding back to $0.53 levels and a relatively range bound 2^nd half of the day, Ripple’s XRP ultimately giving up $0.53 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.74% to $0.52489, with a start of a day morning high $0.533 coming up well short of the first major support level at $0.5433. Ripple’s XRP pulled back in the early hours to a morning low $0.5208 before steadying, Ripple’s XRP managing hold above the day’s first major support level at $0.5116.

For the day ahead a move through $0.5345 would support a run at $0.54 levels to bring the first major resistance level at $0.5433 into play, with a move back through to $0.53 levels needed by the early afternoon to support a 2^nd half of a day rally.

Failure to move back through to $0.53 levels could see Ripple’s XRP take a bigger hit later in the day, with the first major support level at $0.5194 in play and the second major support level at $0.5106 likely to come into sight should Ripple’s XRP fail to find support through the afternoon.

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