Bitcoin Cash, Litecoin and Ripple Daily Analysis – 06/05/18
Bitcoin Cash Hits High
Bitcoin Cash rallied 16.23% on Saturday, following Friday’s 0.24% consolidation, to end the day at $1,763.2.
It was full steam ahead from the get-go, the day’s $1,510 low coming at the start of the day, holding well above the first major support level of $1,462.57 and 23.6% FIB Retracement Level of $1,347.5.
Through the day’s first major resistance level at $1,557.87 within the first few hours, Bitcoin Cash broke through the second resistance level at $1,600.83 and third major resistance level at $1,696.13 with ease to hit a new swing hi $1,765, with a hold above the day’s third major resistance level by the day’s end a strong bullish signal for the week ahead.
At the time of writing, Bitcoin Cash was up 1.81 to $1,797.0, as the march towards $2,000 continues ahead of the hard fork.
A morning high $1,849.9 came within the first few hours, with Bitcoin Cash testing the day’s first major resistance level of $1,848.8 early on in the day before a pullback to current levels, the day’s $1,754.3 low coming at the start of the day.
For the day ahead, the bulls will have $2,000 in mind and the way things are going, there’s no reason for a pullback later in the day, few likely to be locking in profits with more than a week to go before the much talked about hard fork.
A pullback to sub-$1,700 levels could see some money come off the table, bringing the day’s first major support level at $1,593.8 into play, though with a positive start, the path of least resistance is likely to be onwards and upwards today.
Litecoin hits $180
Litecoin gained 5.38% on Saturday, following Friday’s 4.47% rise, to end the day at $177.3.
It was the 4th consecutive day of gains, with Litecoin beginning to garner some attention, having had a slow start to the week.
After a range bound start to the day, an afternoon rally saw Litecoin break through the day’s first major resistance level at $173.92 and second major resistance level at $179.65 with ease to hit a new swing hi $182.35 before easing back to $170 levels by the close.
Holding above the day’s first major resistance level supported a bullish start to today, with the day’s major support levels left untested on Saturday.
At the time of writing, Litecoin was up 0.55% to $178.7, with a morning high $181.95 coming within the first hour of the day before easing back, with the day’s first major resistance level at $184.09 left untested.
With Litecoin having a range bound start to the day, a morning low $177 leaving the day’s first major support level at $168.77 untested, it looks set up for another bullish day ahead, with a move back through to the day’s high $181.95 supporting a run at the day’s first major resistance level at $184.09, with $190 levels in play should Bitcoin Cash continue on its climb towards $2,000 and Bitcoin break through $10,000.
Failing to move back through to the morning’s high could see Litecoin pullback to test the day’s first major support level at $168.77, though we would expect Litecoin to receive plenty of support at $170 barring a broad-based sell-off across the crypto market.
It’s looking bullish and the bulls will be looking for $200 levels in the coming days.
Ripple Lags the Majors
Ripple’s XRP gained just 1.51% on Saturday, following Friday’s 0.61% rise, to end the day at $0.90211.
Arange-bound start to the day left the day’s major support and resistance levels untested before an early afternoon move saw Ripple’s XRP break through the day’s first major resistance level at $0.9285 with an intraday high $0.93828 before a late in the day reversal saw Ripple’s XRP test 0.$90 support ahead of the day’s end.
The moves through the day were in contrast to the general market trend, with the majors having been on the rise late in the day.
At the time of writing, Ripple’s XRP was up just 0.31% to $0.90756, recovering from a start of the day $0.89473 low to hit a morning high $0.92167 before easing back to current levels.
Ripple’s XRP has been seeing plenty of volatility in recent days and this morning is no different, holding on to $0.90 levels key to continue supporting the current bullish trend formed back at 6th April’s swing lo $0.45716.
Unlike its peers, Ripple’s XRP has failed to hit a new swing hi since the 24th April’s $0.96837, while holding at $0.90 levels for the first time since 25th April on Saturday will have given the bulls some hope of a move back through to $1.00 levels in the coming week.
For the day ahead, a move through to $0.93 levels will be needed to draw in buyers on hopes of another Ripple splash, failure to do so likely to bring the day’s first major support level at $0.8542 into play later in the day.
A move is on the cards and much will depend upon the sentiment across the market on whether Ripple’s XRP can catch up with the rest of the clan or go into reverse, investors mindful of holding on to April’s 67% gains.