Bitcoin Cash, Litecoin and Ripple Daily Analysis – 07/06/18

Bitcoin Cash on the Rise

Bitcoin Cash slipped by 1.62% on Wednesday, following Tuesday’s 7.85% recovery, to end the day at $1,133.3.

A relatively range bound first half of the day saw Bitcoin Cash call on support at the 23.6% FIB Retracement Level of $1,133, with the morning’s $1,113.5 low and $1,158 high steering clear of the day’s first major support and resistance levels before an early afternoon slide saw Bitcoin Cash hit an intraday low $1,091 to call on support at the 38.2% FIB Retracement Level of $1,082 to recover to $1,100 levels by the day’s end.

For the bulls and the near-term bullish trend, moving back through the FIB Retracement Levels and avoiding the day’s first major support level at $1,080.73 was the good news, while Bitcoin Cash failed to hit the day’s major resistance level at $1,194.73 or break out from the 23.6% FIB Retracement Level, leaving some pressure on the bulls going into the second half of the week.

At the time of writing, Bitcoin Cash was up 1.68% to $1,148.9, easing back from a start of the day $1,174.5 high that saw Bitcoin Cash break through the day’s first major resistance level at $1,163.87 before reversing, resistance on the approach back to $1,200 levels having built in recent days.

For the day ahead, steering clear of the 23.6% FIB Retracement Level at $1,133 will be key to supporting the near-term bullish trend going into the 2^nd half of the week, with a move through to $1,550 supporting a run back through the day’s first major resistance level to bring $1,200 levels back into play, the next target for the Bitcoin Cash bulls.

Failure to move through to $1,500 levels could see sentiment shift through the 2^nd half of the day, with Bitcoin Cash likely to come under pressure and bring the day’s first major support level at $1,096.87 into play, the 23.6% FIB Retracement Level of $1,133 unlikely to be of much comfort of a broad based market sell-off ensues.

In spite of the early blip this week, the near-term bullish trend remains intact, though much will continue to depend on the news wires and regulatory chatter in particular.

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Litecoin Continues to Lag

Litecoin slipped 0.42% on Wednesday, partially reversing Tuesday’s 1.80% rise, to end the day at $121.37.

Support at the 38.2% FIB Retracement Level of $121 buckled in the early afternoon, following a relatively range bound start to the day, with a broad market sell-off seeing Litecoin slide to an intraday low $118.48 before recovering to an intraday high $122.67 in the late afternoon to hold above the 38.2% FIB Retracement Level of $121 by the day’s end.

For the Litecoin bulls, failing to move back through the 23.6% FIB Retracement Level of $124 or test the day’s first major resistance level at $123.2 will be of some concern, as Litecoin trailed the majors through the day.

At the time of writing, Litecoin was up 0.49% to $121.96, with a morning high $123.48 testing the day’s first major resistance level leading to a pullback to $121 levels, the upbeat sentiment across the broader market failing to support a break through the 23.6% FIB Retracement Level of $124 in the early hours.

For the day ahead, a move back through to $123 levels will be needed to draw in investors side lined to make a move back through the 23.6% FIB Retracement Level of $124 and continue on the near-term bullish trend.

Failure to move through to $123 will likely lead to a pullback through the 38.2% FIB Retracement Level of $121 to bring sub-$120 levels and the day’s first major support level at $119.01 into play, a possible trend bucking slide on the cards, with investors likely to begin looking elsewhere for profit, as Litecoin trails the majors.

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Ripple on the Move

Ripple’s XRP slipped by just 0.08% on Wednesday, following Tuesday’s 2.41% rally, to end the day at $0.67622.

Support at the 23.6% FIB Retracement Level of $0.6685 saw Ripple’s XRP avoid testing the day’s first major support level of $0.6416 through the day, with the first half of the day relatively range bound, a morning high $0.68358 and low $0.66423 steering clear of the day’s first major resistance and support levels.

An early afternoon slide saw Ripple’s XRP pullback from the 23.6% FIB Retracement Level of $0.6685 to an intraday low $0.65582 before recovering, the day’s low avoiding the first major support level at $0.6416, with the Wednesday’s intraday high $0.6838 falling well short of the day’s first major resistance level at $0.6957.

For the bulls, ending the day above the 23.6% FIB Retracement Level continued to support the near-term bullish trend formed at late May’s swing lo $0.543, though failing to break through the day’s first major resistance level to $0.70 levels will remain a concern.

At the time of writing, Ripple’s XRP was up 1.54% to $0.68588, with Ripple’s XRP easing back from an early morning $0.68969 high that tested the day’s first major resistance level at $0.6881, while the morning’s $0.67293 low steered well clear of the day’s first major support level at $0.6601 and more importantly the 23.6% FIB Retracement Level of $0.6685.

For the day ahead, a move back through the day’s first major resistance level of $0.6881 would support a run at the day’s second major resistance level at $0.6999 and more importantly bring $0.70 levels back into play, though we would expect $0.70 levels to be a step too far for the day, with resistance having been on the rise through the early part of the week.

Failure to move back through the day’s first major resistance level would likely see Ripple’s XRP pull back through the 23.6% FIB Retracement Level to test support at the 38.2% FIB Retracement Level of $0.6445 and the day’s second major support level at $0.6440 before any recovery.

While it’s been a choppy week, the near-term bullish trend remains intact, though $0.70 levels needs to be hit soon to avoid a reversal.

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