Bitcoin Cash, Litecoin and Ripple Daily Analysis – 02/05/18

Bitcoin Cash Bottoms Out

Bitcoin Cash gained 0.54% on a choppy Tuesday, following Monday’s 6.43% fall, to end the day at $1,355.3.

The day started off as Monday had ended, with a slide through the day’s 23.6% FIB Retracement Level of $1,347.5 and first major support level of $1,302.07 to test support at the day’s 2^nd major support level of $1,256.13 with an intraday low $1,243.4.

Negative sentiment across the broader market saw support on the softer side in the early part of the day before a mid-morning recovery saw Bitcoin Cash move back through the major support levels to a morning high $1,327.9.

A partial reversal through the mid-afternoon tested support levels further before a rebound through to a day high $1,364.6 late in the day, a hold above the 23.6% FIB Retracement Level of $1,347.5 by the day’s end easing some of the week’s pain.

At the time of writing, Bitcoin Cash was down 1.04% to $1,341 as support at the 23.6% FIB Retracement Level of $1,347.5 continued to lack the necessary vim to see Bitcoin Cash break free and make a run at $1,400 levels.

A morning low $1,322.8 saw Bitcoin Cash hold above the day’s first major support level of $1,277.6, with a hold at current levels through the morning key to preventing a slide through to the first major support level and bring the 38.2% FIB Retracement Level into play.

A move through to test resistance at $1,400 would provide some comfort, though sentiment across the broader market would likely dictate the degree of resistance at $1,400 levels, any break through likely to bring $1,500 levels into play.

Bitcoin Cash could see heavier losses this afternoon, if there’s no recovery to $1,400 levels, Altcoins likely to draw in investors on the assumption that the Bitcoin Cash hard fork rally has come to an end.

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Litecoin Struggles

Litecoin slipped 0.22% on Tuesday, following Monday’s 3.3% fall, to end the day at $147.99.

With the broader market in sync at the start of the day, an early morning slide to an intraday low

$142.73 low came off the back of a late Monday sell-off, with negative sentiment across the broader market giving Litecoin little cushion at key support levels.

Litecoin fell through the 38.2% FIB Retracement Level and the day’s first and second major support levels, before moving back through the 2^nd support level of $142.95, while breaking out from the 38.2% FIB Retracement Level of $145.33 proved to be more of a challenge through the day.

For the Litecoin bulls, a late in the day rally saw Litecoin eventually break clear of the day’s major support levels and 38.2% FIB Retracement Level, hitting an intraday high $148.75 before easing back to $147 levels by the day’s end.

At the time of writing, Litecoin was down 0.34% to $147.49, with another morning sell-off seeing Litecoin fall to a morning low $146.53 before recovering to $147 levels.

Litecoin managed to hold above the day’s first major resistance level of $144.23 and 38.2% FIB Retracement Level of $145.33, providing some stability through the early part of the day, setting Litecoin up for a possible move northwards through the afternoon, Litecoin having failed to test major resistance levels since last Thursday.

A move through to Tuesday’s $148.75 high would support a run at $150 levels and the day’s first major resistance level of $150.25, with Litecoin needing to break out from the 23.6% FIB Retracement Level of $153.18 to restore the bullish trend that has stalled since 24^th April’s swing hi $165.87.

Failure to move through to $150 levels should see Litecoin hover at around the 38.2% FIB Retracement Level by the close, though we could see the day’s 2^nd support level of $140.47 come into play should sentiment fail to improve this afternoon.

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Ripple makes a partial recovery

Ripple’s XRP gained 2.61% on Tuesday, partially reversing Monday’s 3.93% rise, to end the day at $0.835.

It was one of the more choppy days for Ripple’s XRP and the broader market, with a late Monday sell-off carrying on into the early hours of this morning, leading Ripple’s XRP through the day’s first major support level of $0.8037 to a morning low $0.78116 before moving back through the day’s first major support level and more importantly back to $0.80 levels.

Ripple’s failure to break out from the 23.6% FIB Retracement Level of $0.8477 by the day’s end will have given the bears some hope, an intraday high $0.83737 the lowest high since the 19^th April rally that saw Ripple’s XRP move from $0.69 levels to just shy of $0.80 levels on the day.

A move through the 23.6% FIB Retracement Level is going to be needed for the bullish trend to continue and the move is going to have to come sooner rather than later, the cryptomarket seemingly a little jittery following April’s rally.

At the time of writing, Ripple’s XRP was up 1.33% to $0.84558, the moves through the morning seeing Ripple’s XRP look to break out from the 23.6% FIB Retracement Level of $0.8477.

An early morning fall to a low $0.8206 saw Ripple’s XRP steer clear of the day’s first major support level of $0.7983, while continuing to sit below the 23.6% FIB Retracement Level, before an intraday high $0.864409 break out tested the day’s first major resistance level of $0.8545, leading to a pullback to current levels.

For the day ahead, a move back through to the day’s first major resistance level would support a trend bucking run, with Ripple’s XRP likely to be among a few looking at upside through the day, the bullish trend intact at the start of May.

A reversal this morning could see Ripple’s XRP move back through to the morning’s $0.8206 low, though we would expect sub$-0.80 support levels to be left untested through the day.

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