Bitcoin Cash, Litecoin and Ripple Daily Analysis – 30/06/18

The weekend rally is on or is it just a spill over from Friday’s rebound from new swing lo levels struck by the majors, time will tell, but only a few weekend rallies have managed to last the entire weekend…
Bob Mason
consensus

Bitcoin Finally Bounces Back

Bitcoin Cash rallied by 9.08% on Friday, reversing Thursday’s 7.71% slide, to end the day at $717.3, leaving Bitcoin Cash down 3.99% for the current week.

Bitcoin Cash slumped through the morning to an intraday low and new swing lo $645.5, holding above the first major support level at $629.4, before a relatively range bound afternoon that led to a late rally through the day’s first major resistance level at $706.1 to an intraday high $740 late in the day.

At the time of writing, Bitcoin Cash was up 5.68% to $755.6, with the late Friday rally carrying on into the early hours, Bitcoin Cash breaking through the day’s first major resistance level at $756.37 to a morning high $787.4, before easing back to $750 levels, a start of the day $715.3 steering well clear of the first major support level at $661.87.

For the day ahead, a move back through the morning high would support a run at the second major support level at $795.43 to bring $800 levels into play and begin raising the prospects of a bearish trend reversal, though Bitcoin Cash will need to break through the 23.6% FIB Retracement Level of $930 to begin forming a near-term bullish trend.

Failure to move back through the morning’s high could see Bitcoin Cash cough up early gains and pullback through the morning’s low to bring sub-$700 support levels into play, with direction through the day hinged on whether Bitcoin Cash can avoid a mid-morning sell-off to sub-$700 levels.

Litecoin Recovers

Litecoin gained 6.52% on Friday, partially reversing Thursday’s 7.8% slide, to end the day at $79.09, leaving Litecoin down 1.87% for the current week.

Following the broader market, Litecoin slid to an intraday low and new swing lo $72.43, holding above the day’s first major support level at $71.89, with a late in the day rally seeing Litecoin break through the first major resistance level at $79.08 to an intraday high $80.49 before easing back to sub-$80 levels by the day’s end.

For the Litecoin bulls, the good news was Litecoin managing to hit $80 levels, though the downward trend on intraday highs continues.

At the time of writing, Litecoin was up 3.98% to $82.08, with Litecoin rallying through the day’s first major resistance level at $82.24 to a morning high $84.5, before easing back to $82 levels.

For the day ahead, a move back through the morning high would support a run at the second major resistance level at $85.4 to bring $90 levels into play, any break through to $90 levels forming the beginnings of a bearish trend reversal, with the 23.6% FIB Retracement Level of $98 the next target for the Litecoin bulls.

Failure to move back through the morning high could see Litecoin pullback through the middle of the day to sub-$80 levels to test the day’s first major support level at $74.18 before any recovery, with the news wires likely to play a hand in direction through the day, sentiment across the broader market having been upbeat through the morning.

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Ripple Lagging the Majors

Ripple’s XRP gained 2.65% on Friday, partially reversing Thursday’s 4.92% slide, to end the day at $0.45568, leaving Ripple’s XRP down 4.29% for the current week.

In line with the broader market trend, Ripple’s XRP went into reverse through the morning, with Ripple’s XRP sliding through the day’s first major support level at $0.4310 to an intraday low and new swing lo $0.4234 before steadying through the afternoon.

A broad based market rebound saw Ripple’s XRP rally to an intraday high $0.46509, coming within reach of the day’s first major resistance level at $0.4689 before easing back to $0.45 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 3.31% to $0.47077, with an early in the day rally taking Ripple’s XRP through the day’s first major resistance level at $0.4725 and second major resistance level at $0.4897 to a morning high $0.4932, before easing back through the second major resistance level, the day’s major support levels left untested through the early hours.

For the day ahead, a move back through to $0.48 levels would support a run at $0.50 levels, last struck on 23rd June, which would bring a bearish trend reversal into play, though Ripple’s XRP would need to make a run at the 23.6% FIB Retracement Level of $0.5528 to begin forming a near-term bullish trend.

Failure to move back through to $0.48 levels could see Ripple’s XRP pullback through the afternoon that would bring the first major support level at $0.4310 into play before any recovery.

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