Bitcoin Cash, Litecoin and Ripple Daily Analysis – 08/05/18

Bitcoin Cash Ship Steadies

Bitcoin Cash slid 6.21% on Monday, taking a bite out of Saturday’s 16.23% rally, to end the day at $1,650.1.

The slide came through the first half of the day, with Bitcoin falling from a start of the day high $1,787 through the day’s first major support level at $1,648.83 to an intraday low $1,560 to call on support at the 23.6% FIB Retracement Level of $1,555 before a partial recovery through the afternoon to $1,650 levels.

Afternoon support came following news that South Korea’s regulators will be loosening its grip on the cryptomarket, with concerns over the classification of Ether by the SEC also easing as a scheduled meeting overnight on Monday was reportedly fake news.

In spite of Monday’s reversal, the bullish trend formed at 6^th April’s swing lo $600.1 remains intact, with Bitcoin Cash needing to move make a move back through to $1,750 to bring $2,000 levels back into play.

At the time of writing, Bitcoin cash was up 0.99% to $1,669.9, with Monday afternoon’s recovery continuing through the early part of the morning, Bitcoin Cash hitting an intraday high $1,695 before easing back.

Sentiment across the cryptomarket saw some improvement following news from the South Korean regulator, though the relief rally has done little to eat into Monday’s losses.

For the day ahead, a breakthrough to $1,700 levels would likely draw in more buyers to support the continued bullish trend and a run at the day’s first major resistance level of $1,771.4 to bring $2,000 levels back into play.

Failure to move through to $1,700 levels through the morning could see Bitcoin Cash test support at the 23.6% FIB Retracement Level of $1,555 and the day’s first major support level of $1,544.4, with the news wires and sentiment across the broader market of influence, Bitcoin Cash yet free from the clasp of the bears.

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Litecoin Finds Support

Litecoin slid 3.79% on Monday, following on from Sunday’s 3.42% fall, to end the day at $164.58.

A broad market sell-off through the morning saw Litecoin slide from a start of the day intraday high $171.62 through the day’s 23.6% FIB Retracement Level of $165.8 and first major support level at $163.64 to a morning low $157.25 before steadying.

Holding above the 38.2% FIB Retracement Level of $155.5 in the early part of the day was key, with Litecoin also managing to avoid the day’s second major support level of $155.95 before an afternoon recovery saw Litecoin move back through to the 23.6% FIB Retracement Level to continue on with the bullish trend formed at 6^th April’s swing lo $112.1.

At the time of writing, Litecoin was up 1.74% to $166.95, supported by a pickup across the broader market.

Litecoin recovered from an early $163.89 low, moving through the 23.6% FIB Retracement Level of $165.8 to hit a morning high $168.1 before easing back, holding at $166 levels through the morning key to support a run at the day’s first major resistance level of $171.72 later in the day.

Failure to move through to $170 levels could see Litecoin take a hit this afternoon, a pullback bringing the day’s first major support level of $157.35 into play, as Litecoin continues to hover at around the 23.6% FIB Retracement Level early on.

The bullish trend remains intact, but breaking clear of key support levels will be needed to draw in buyers and support a bullish run through the day.

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Ripple Continues to Lag the Majors

Ripple’s XRP slid 4.58% on Monday, following on from Sunday’s 4.1% slide, to end the day at $0.82505.

Sliding from the start of the day’s intraday high $0.87101 saw Ripple’s XRP fall through the 23.6% FIB Retracement Level of $0.8477 and first major support level at $0.8336 with ease to test sub-$0.80 support levels with an intraday low $0.79339.

Ripple’s XRP tracked the broader market through most of the day, with an afternoon recovery seeing a move back towards the 23.6% FIB Retracement Level, though failing to move back through the 23.6% FIB Retracement Level and first major support level by the day’s end continues to raise questions over the sustainability of the bullish trend formed back at 6^th April’s swing lo $0.45716.

At the time of writing, Ripple’s XRP was up 1.33% to $0.83656, with an early morning rally to a morning high $0.84908 falling short of testing the day’s first major resistance level at $0.8662.

Support at around the 23.6% FIB Retracement Level of $0.8477 may have held Ripple’s XRP back from more material declines, but a failure to move back through the morning high to $0.85 levels could test appetite later in the day. Any shift in market sentiment will likely see Ripple’s XRP pullback through the morning’s 0.82169 low to bring sub-$0.80 support levels into play.

The bullish trend formed back on 6^th April remains under pressure, though we would not expect Ripple’s XRP to test support at the 38.2% FIB Retracement Level of $0.7731, barring materially negative news hitting the wires.

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