Bitcoin Cash, Litecoin and Ripple Daily Analysis – 06/03/18

Bitcoin Cash Looking to Make a Move

It was another bad start to the week for Bitcoin Cash, with a late Sunday rally going into reverse through much of the day on Monday that ultimately led to a late sell-off to see Bitcoin Cash end the day down 2.7% at $1,250.

Of concern through the weekend and the start of the week will be the fact that Bitcoin Cash is seeing a downward trend on its intraday highs, with Saturday being the last time that $1,300 levels were reached during the day.

Monday’s intraday high $1,294 fell short of the day’s first major resistance level of $1,313, though for now $1,300 continues to be the target that sits out of reach.

Support levels were not tested through the day however, with Bitcoin Cash’s intraday low $1,250 sitting above the day’s first major support level of $1,241.

Through the early part of this morning, Bitcoin Cash was down 0.6% to $1,251.5, though the ship has steadied through the morning, with a move off an early intraday low $1,232.1 that tested today’s first major support level of $1,235.

For the day ahead, a move back through to today’s intraday high $1,257.3 would be needed to support the formation of a bullish trend, though sentiment will have to improve significantly for Bitcoin Cash to test its first major resistance level of $1,279.

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Litecoin in the Red Again

Litecoin continues to struggle to maintain a bullish trend, with investors unwilling to hold on, taking the opportunity to sell at the day’s intraday high $214.92 on Monday that ultimately reversed a bullish trend formed through the early part of the day.

Resistance levels continue to be an issue for the cryptocurrencies, with Monday’s high falling shy of the day’s first major resistance level of $216, though traders were likely cognizant of where the level stood and the recent strength of resistance levels, leading to an early pullback.

The good news for the day was that support levels were not tested, but that was about it on a day when Litecoin reversed Sunday’s gains, ending the day down 1.08% at $210.66.

Through this morning, Litecoin was down 1.1% to $208.39 at the time of writing, with the bearish trend intact since Monday’s intraday high.

Litecoin’s first major support level of $208.3 has already been tested within the first hour of the morning, with Litecoin falling to an intraday low $206.5 and continues to be tested at the time of writing.

A failure to move back through to $210 levels this morning could see $205 support levels be tested, though much will depend on general sentiment towards the cryptocurrencies through the day, with any move by Bitcoin likely to support the broader market.

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Ripple Tanks after Hitting $1.09 on Monday

Things were certainly looking up for Ripple investors on Monday morning, with Ripple’s XRP rallying 8.5% to an intraday high $1.0901 through the morning session, breaking through its first major resistance level of $1.0675 and holding.

It was another rumour mill driven rally, with investors speculating on Ripple’s inclusion on Coinbase and the GDAX cryptocurrency exchange platform. Coinbase issued a statement overnight that the rumours were unfounded and had not originated from Coinbase and that there was no shift in its stance on Ripple.

The announcement saw Ripple’s XRP slide 14.5%, from a mid-day $1.083 to an intraday low $0.92608, before a partial recovery to end the day down 6.83% at $0.93599.

Key to the moves on Monday was the speed with which Ripple’s XRP relinquished the $1.00 handle, with seemingly a complete lack of support at the psychological $1.00 level on Monday evening.

Going into this morning, the Ripple ship appears to have steadied, with investors coming back in at current levels in search of another move through to $1.00 levels, though Ripple investors may be feeling a little bruised. It’s the 2^nd time this year that a Coinbase inclusion rumour has driven Ripple’s XRP, with the January rumour leading Ripple’s XRP to hit a record high 3.532 before going into meltdown.

In spite of Monday’s slide, Ripple’s XRP was up 1.66% to $0.952 at the time of writing, with Ripple’s XRP and Stellar’s Lumen the front runners through the early part of the day.

The cat is out of the bag on what’s needed to drive a Ripple rally and it’s been out of the bag for some time, so investors may consider this as a buy and hold opportunity, in the hope that Ripple’s XRP will eventually be included on Coinbase and the cryptocurrency’s GDAX exchange platform.

For the day ahead, a move back through $1.00 levels would be needed to avoid a pullback to this morning’s intraday low $0.9154, though it may prove to be a challenge, with the majority of the majors in the red through the morning.

Ripple XRP’s first major support level sits at $0.87801, which should be avoided today, barring an early test of the $0.90 psychological support level.

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