Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/06/18

Bitcoin on another Slide

Bitcoin Cash tumbled by 7.71% on Thursday, reversing Wednesday’s 2.78% gain, to end the day at $658.4.

It was a day for the bears, with Bitcoin Cash sliding from a start of the day intraday high $724.8 through almost the entire day, the morning high falling shy of the first major resistance level at $730.1 before the sell-off kicked in.

The day’s slide saw Bitcoin Cash tumble through the first major support level at $691.4 and second major support level at $668.6 to a late intraday low and new swing lo $648.1 before recovering to $650 levels.

At the time of writing, Bitcoin Cash was up 0.68% to $662.1 in what’s been another choppy start to the day, with Bitcoin Cash sliding to a morning low and new swing lo $645.5 before recovering, as the Thursday’s day long sell-off spilled into the early hours of the morning.

In spite of the new swing lo, Bitcoin Cash managed to avoid testing the day’s first major support level at $629.4.

For the day ahead, a move through to $677.1 would support a run at $700 levels and the day’s first major resistance level at $706.1, though it remains to be seen whether Thursdays losses can be recovered as the bearish trend continues to deliver new lows, with relief rallies becoming ever shorter.

Failure to move through $677 to take a run at $700 levels could see Bitcoin Cash go into reverse later in the day, with the first major support level at $629.4 in play, though we would expect the downside to be limited following Thursday’s losses, barring negative news hitting the wires.

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Litecoin Battered

Litecoin slid by 7.8% on Thursday, reversing Wednesday’s 6.49% gain, to end the day at $80.73.

A start of the day intraday high $81.2 was the only major upside for Litecoin on the day, while Litecoin fell well short of the first major resistance level at $86.3.

While the day was largely bearish, with Litecoin falling to a morning low $77.91, an early afternoon rally had provided some hope of a trend bucking day, Litecoin recovering to $79 levels before succumbing to a broad based market sell-off, Litecoin sliding through the day’s first major support level at $76.4 to a late intraday low $74.01.

The good news for the Litecoin bulls was that Litecoin managed to avoid striking a new swing lo that was not the case elsewhere.

At the time of writing, Litecoin was up 0.15% to $74.36, with Litecoin also taking a brief tumble to a morning low and new swing lo $72.88 before recovering to $74 levels, Litecoin managing to avoid testing the day’s first major support level at $71.89 in the early part of the day.

For the day ahead a move through to $76.55 would support a run at the day’s first major resistance level at $79.08 and $80 levels, though there’s quite a way to go for Litecoin to recover to $80 levels and the news wires will need to remain friendly. The last time Litecoin ended the day without hitting $80 levels was prior to last December’s rally.

Failure to take a run at $80 levels could see Litecoin pullback to test the first major support level at $71.89, which would bring sub-$70 support levels into play before any recovery, the worst clearly not over for Litecoin and the broader market.

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Ripple Does Better than the Pack

Ripple’s XRP slipped by 4.92% on Thursday, reversing Wednesday’s 3.68% gain, to end the day at $0.44679.

A start of the day $0.47528 intraday high came up short of the first major resistance level at $0.4825, with the bears taking over, Ripple’s XRP sliding through first major support level at $0.4543 to an intraday low and new swing lo $0.43737, testing support at the second major support level at $0.4375 before recovering to $0.44 levels.

At the time of writing, Ripple’s XRP was up 0.07% at $0.44401, with Ripple’s XRP falling to a morning low and new swing lo $0.43471 before recovering to $0.44 levels.

For the day ahead, a move through $0.4531 would support a run at the first major resistance level at $0.4689, the morning’s $0.4557 high having fallen well short earlier in the day, though sentiment will need to significantly improve for Ripple’s XRP to break through to $0.46 levels.

Failure to move through $0.4531 would support a middle of the day reversal to bring the first major support level at $0.431 into play, the bears still in control in spite of the minor gains through the morning, with sub-$0.42 levels in play through the weekend should a relief rally fail to kick in through the day.

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