Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/06/18

Bitcoin Back in Reverse

Bitcoin Cash gained 2.78% on Wednesday, partially reversing Tuesday’s 7.96% loss, to end the day at $713.6.

A start of the day fall to an intraday low $685.1 saw Bitcoin Cash hold above the first major support level at $671.43, before a late morning bounce led Bitcoin Cash back through to $700 levels, with a morning high $721.9.

An upward trend through the rest of the day saw Bitcoin Cash strike an intraday high $724.1 that came up short of the first major resistance level at $737.43, before easing back at the end of the day.

At the time of writing, Bitcoin Cash was down 0.86% to $707.3, with Bitcoin Cash hitting a morning high $724.8 at the start of the day before pulling back to a morning low $701, the moves through the early part of the day leaving the first major resistance level at $730.1 and first major support level at $691.1 untested early on.

For the day ahead, a move through to $710 levels would support a run at the day’s first major resistance level at $730.1, though for a move through to $730 levels, sentiment across the market will need to improve, investors locking in Wednesday’s gains in the early hours.

Failure to move back through $710 to take a run at $730 could see Bitcoin Cash take a bigger hit later in the day, sub-$700 support levels in play, with the extended bearish trend firmly intact.

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Litecoin Sees Red Again

Litecoin gained 6.49% on Wednesday, reversing most of Tuesday’s 7.21% slide, to end the day at $80.73.

It was a bullish day for Litecoin, which was one of the front runners through the day, an intraday low $74.85 at the start of the day being the only bearish move of the day, while the day’s low held above the first major support level at $73.25.

A rally that kicked off mid-morning continued through the afternoon, with Litecoin breaking through the day’s first major resistance level at $80.43 to an intraday high $81.97 before easing back at the day’s end.

At the time of writing, Litecoin was down 1.96% to $79.15, with Litecoin sliding to a morning $78.17 low before recovering, the day’s low steering well clear of the first major support level at $76.4.

For the day ahead, a move back through to $80 levels would be needed to draw in buyers and bring the day’s first major resistance level at $83.52 into play, though profit taking in the early hours will likely to weigh on sentiment through the morning leading to heightened resistance at $80.

Failure to break back through to $80 levels could see Litecoin pullback through the morning’s $78.17 to bring the first major support level at $76.4 into play before any recovery, the key for the day being for Litecoin to close out the day at $80 levels.

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Ripple Follows the Majors South

Ripple’s XRP gained 3.68% on Wednesday, following Tuesday’s 5.76% slide, to end the day at $0.47102.

Following the broader market trend, Ripple’s XRP struck an intraday low $0.44894 at the start of the day, before a morning rally saw Ripple’s XRP move back through to $0.46 levels. Ripple’s XRP tested resistance at the day’s first major resistance level at $0.4755 with a late in the day intraday high $0.47715.

At the time of writing, Ripple’s XRP was down 1.16% to $0.46556, with a start of the day move to a morning high $0.47528 falling short of the first major resistance level at $0.4825 before a broad based market reversal kicked in.

Ripple’s XRP pulled back to a morning low $0.45995, coming within reach of the day’s first major support level at $0.4543 before recovering to $0.46 levels, the declines coming as investors looked to lock in Wednesday’s gains.

For the day ahead, a move back through to $0.47 levels would support a run at the first major resistance level at $0.4825, though with investors quick to hit the sell-button and the extended bearish trend still firmly intact, it may take some good news hitting the wires for Ripple’s XRP to be able to break through to $0.48 levels later in the day.

Failure to move back through to $0.47 levels could see Ripple’s XRP cough up Wednesday’s gains, with the day’s first major support level at $0.4543 in play through the day, though we would expect Ripple’s XRP to find plenty of support at around $0.45 levels through the day.

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