Bitcoin Cash, Litecoin and Ripple Daily Analysis – 06/07/18

Bitcoin Cash Back in Reverse

Bitcoin Cash fell by 2.65% on Thursday, reversing Wednesday’s 0.86% gain, to end the day at $743.2.

An early morning intraday high $785.8 saw Bitcoin Cash come up short of the day’s first major resistance level at $802.77 before going into reverse. The vast majority of the day saw Bitcoin Cash in red, a fall to an intraday low $715.3 in the late afternoon seeing Bitcoin Cash fall through the day’s first major support level at $729.57 before recovering to $740 levels.

At the time of writing, Bitcoin Cash was down 2.53% to $724.4 in what’s been another bearish morning for Bitcoin Cash and the broader market.

A start of the day $743.2 high falling well short of the first major resistance level at $780.9 and the 23.6% FIB Retracement Level of $930, before pulling back through the morning to a morning low $720.2.

For the day ahead a move through $748.1 would support a run at the day’s first major resistance level at $780.9 and $800 levels, though the bearish sentiment across the broader market is likely to see resistance at $800 continue to build through the week should Bitcoin Cash.

Failure to move through $748.1 to take a run at the day’s first major resistance level will likely see Bitcoin Cash test support at the day’s first major support level at $710.4 before any recovery, sub-$700 support levels unlikely to be tested barring materially negative news hitting the wires.

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Litecoin Tracks the Market South

Litecoin fell by 2.51% on Thursday, following Wednesday’s 0.46% gain, to end the day at $83.25.

Following the broader market, Litecoin hit an intraday high $86.81 in the early hours of the day, falling short of the first major resistance level at $88.4 before going into reverse, with Litecoin falling through the day’s first major support level at $82.91 to an intraday low $82 late in the day.

A recovery back through the first major support level to $83 levels by the close was the only positive from a particularly bearish day for Litecoin and the broader market.

At the time of writing, Litecoin was down 0.28% to $83.07 in what’s been a relatively range bound start to the day, with Litecoin moving in and out of positive territory through the early hours.

An early morning $82.74 low and $83.91 high saw Litecoin leave the day’s first major support and resistance levels untested, with a pullback across the broader market ultimately pulling Litecoin into the red.

For the day ahead, a move through the morning’s $83.91 high to $84 levels would support a run at the first major resistance level at $86.04, though with Litecoin continuing to fall well short of the 23.6% FIB Retracement Level of $98, the extended bearish trend formed at early May’s swing hi $182.35 remains intact.

Failure to move through to $84 levels could see the day’s first major support level at $81.23 come into play, with sub-$80 support levels likely to be tested should the broader market sell-off continue through the afternoon.

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Ripple in Choppy Waters

Ripple’s XRP fell by 2.42% on Thursday, reversing Wednesday’s 0.82% gain, to end the day at $0.47808, marking a 3^rd consecutive day that Ripple’s XRP was able to break through to $0.50 levels but pullback to sub-$0.50 levels by the day’s end.

An early rally saw Ripple’s XRP move through to a late morning intraday high $0.50359 before succumbing to the broad based cryptomarket sell-off, with Ripple’s XRP having fallen short of the first major resistance level at $0.5087 on the day.

The afternoon pullback saw Ripple’s XRP fall through the day’s first major support level at $0.4703 to an intraday low $0.46557 before recovering to $0.47 levels by the day’s end, a failure to hold on to $0.50 levels continuing to support the extended bearish trend formed at late April’s swing hi $0.97181.

At the time of writing, Ripple’s XRP was down 1.7% to $0.46995, with Ripple’s XRP pulling back from an early $0.48134 high to a $0.46569 low before partially recovering mid-morning, the early moves leaving the day’s first major support and resistance levels untested.

For the day ahead, a move through the morning’s $0.48134 high would support a move through to $0.49 levels to bring the day’s first major resistance level at $0.4993 and $0.50 levels into play, though for Ripple’s XRP to find the support, the broader market is going to need to bounce back through the early afternoon.

Failure to move through to $0.50 would likely see the day’s first major support level at $0.4612 be tested before any recovery, the bears still firmly in control and pinning back any chance of a near-term bullish trend being formed.

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