Bitcoin Cash, Litecoin and Ripple Daily Analysis – 07/05/18

Bitcoin Cash Sees Red

Bitcoin Cash slipped 0.24% on Sunday, bringing to an end a 5-day winning streak that had culminated in a 16.23% rally on Saturday.

The week’s moves saw Bitcoin Cash gain 22.2% Monday through Sunday, with next week’s hard fork having continued to support the bullish trend formed back at 6^th April’s swing lo $600.1.

A new swing hi $1,849.9 struck on Sunday morning tested the day’s first major resistance level at $1,848.8 before a sell-off saw Bitcoin Cash slide to a day low $1,637.4 before a late recovery back through to $1,700 levels by the close.

There was no negative news to drive the sell-off, with solid gains through the week contributing to investors looking to lock on profits, while Japan’s roll out of new regulations for the cryptomarket will have had some influence on direction going into the new week.

At the time of writing, Bitcoin Cash was down 8.22% to $1,615 as Sunday’s broad market sell-off spilled over to the early hours. Bitcoin Cash’s start of the day high $1,787 was the only positive move early on, falling short of the first major resistance level at $1,861.33 before going into reverse, with Bitcoin Cash sliding through the day’s first major resistance level of $1,648.83 to a morning low $1,600.6.

Support $1,600 brought some respite to the slide, with Bitcoin Cash recovering to $1,615 though sentiment will need to change for a more material decline to be avoided and for Bitcoin Cash to avoid testing buyer appetite at the 23.6% FIB Retracement Level of $1,555.

A move back through to $1,650 would support an afternoon recovery to $1,700 levels, Bitcoin Cash needing to break out from the day’s first major support level to restore confidence and ease concerns over a more material decline to eat into last week’s gains.

Get Into Bitcoin Cash Trading Today

Litecoin takes a hit

Litecoin slid 3.42% on Sunday, partially reversing Saturday’s 5.38% gain, to end the day at $171.34. In spite of Sunday’s reversal, Litecoin ended the week up 11.8%, leaving the bullish trend formed at 6^th April’s swing lo $112.1 intact going into the week ahead.

It was a choppy end to the week, with Litecoin hitting a day high $181.95 within the first hour before sliding through the day’s first major support level at $168.77 to an intraday low $165.1, before support kicked in at the 23.6% FIB Retracement Level of $165.8 to support a partial recovery to $170 levels.

For the bulls, Saturday’s new swing hi $182.35 and 4 consecutive days of gains through the week will have been the plus, the profit taking a regular theme in the crypto world.

At the time of writing, Litecoin was down 3.9% to $164.39, with a broad market sell-off seeing Litecoin pullback from a start of the day $171.62 high.

The morning reversal saw Litecoin fall through the day’s 23.6% FIB Retracement Level of $165.8 and first major support level at $163.64 to a morning low $161.55 before steadying, Litecoin’s losses through the morning limited by hitting key support levels early.

For the day ahead, a move back through the 23.6% FIB Retracement Level of $165.8 would support a recovery to $170 levels, failing to break out from $165 levels likely to lead to further declines later in the day, bringing the second major support level at $155.95 into play.

Things have got to become quite dire for Litecoin to test $150 levels, with the morning slide likely to be considered a buying opportunity once the market settles.

Buy & Sell Cryptocurrency Instantly

Ripple Fails to Buck the Trend

Ripple’s XRP slid 4.1% on Sunday, more than reversing Saturday’s 1.51% gain, to end the week at $0.86531.

An early move through to a day high $0.91843 came up short of the day’s first major resistance level at $0.9313, with the market reversal through the rest of the day pulling Ripple’s XRP down through the day’s first major support level at $0.8798 and second major support level at $0.8575 before support kicked in at the 23.6% FIB Retracement Level of $0.8477.

Having lagged the market through the week, the heavier losses on Sunday will have been a setback for the bulls, with Ripple’s XRP ending the week down 0.13% to test the current bullish trend formed back at 6^th April’s swing lo $0.45716. Further concern over near-term direction will be the fact that Ripple’s XRP has failed to hit a new swing hi since 24^th April’s $0.96837, which is in contrast to its peers that have enjoyed new swing hi levels in the current bull trend.

At the time of writing, Ripple’s XRP was down 5.25% to $0.81925, with the moves through the morning following the broader market trend, Ripple’s XRP sliding through the day’s first major support level at $0.8336 to test support at the second major support level of $0.8019 to a morning low $0.80011.

Negative sentiment across the market saw Ripple’s XRP slide through the 23.6% FIB Retracement Level of $0.8477 with ease at the start of the day, with last week’s loss putting Ripple’s XRP at risk of reversing the extended bullish trend formed back at 6^th April.

For the day ahead, a move back through to $0.85 levels would support a run at the morning’s $0.87 high and a possible recovery to $0.90 levels, while failure to break free of the 23.6% FIB Retracement Level could see heavier losses later in the day, bringing the 38.2% FIB Retracement Level of $0.7731 into play, such an outcome affirming a bullish trend reversal through the day.

Buy & Sell Cryptocurrency Instantly