Bitcoin Cash, Litecoin and Ripple Daily Analysis – 08/06/18

Bitcoin Cash on the Rise

Bitcoin Cash gained 1.24% on Thursday, partially reversing Wednesday’s 1.62% fall, to end the day at $1,143.9.

It was yet another choppy day, with Bitcoin Cash sliding to an intraday low $1,125 in the late afternoon, calling on support at the 23.6% FIB Retracement Level of $1,133 before recovering to the day’s ending $1,143.9.

An intraday high $1,174.5 in the early hours of the day broke through the day’s first major resistance level at $1,163.87 before the cryptomarket reversal kicked in through the afternoon.

For the crypto bulls, Bitcoin’s hold above the 23.6% FIB Retracement Level and testing of the day’s first major resistance level provided further support of the near-term bullish trend, though $1,200 levels are going to be needed soon.

At the time of writing, Bitcoin Cash was down 3.09% to $1,109.7, pulling back from a start of the day move to a morning high $1,151.3, which fell well short of the day’s first major resistance level at $1,170 6.

A broad market reversal saw Bitcoin Cash pullback through the 23.6% FIB Retracement Level of $1,133 and the day’s first major support level at $1,121.1 to bring the day’s second major support level at $1,098.3 into play.

For the day ahead, market sentiment will need to see a vast shift for Bitcoin Cash to avoid pulling back to sub-$1,100 levels to call on support at the 38.2% FIB Retracement Level of $1,082, such a move further testing the near-term bullish trend formed at 28^th May’s swing lo $868.

A move through $1,148 would support another run at the day’s first major resistance level at $1,170.6 to bring $1,200 levels into play, though with the negative sentiment across the market, breaking through to $1,200 levels will be unlikely through the day.

Failure to move through $1,148 to take a run at the first major resistance level will likely see Bitcoin Cash turn more bearish, with a pullback through the 38.2% FIB Retracement Level of $1,082 likely before any recovery.

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Litecoin Getting More Bearish

Litecoin gained just 0.11% on Thursday, following Wednesday’s 0.42% fall, to end the day at $121.51.

An early move through to an intraday high $123.48 saw Litecoin test the day’s first major resistance level at $123.2 before reversing, Litecoin failing to break back through the 23.6% FIB Retracement Level of $124 ahead of the extended sell-off through the middle part of the day.

Litecoin slid to an intraday low $119.45, pulling back through the 38.2% FIB Retracement Level of $121 before recovering late in the day back to $121 levels, failure to break back through the 23.6% FIB Retracement Level continuing to leave the near-term bullish trend formed at 29^th May’s swing lo $110 at risk of unravelling.

At the time of writing, Litecoin was down 1.87% to $119.36, with a morning sell-off across the cryptomarket weighing.

A start of the day $121.95 high fell well short of the day’s first major resistance level at $123.51 and more importantly, the 23.6% FIB Retracement Level, while the day’s first major support level at $119.48 was tested early, with a morning low $119.33.

For the day ahead a move back through 121.48 would support a run at the day’s first major resistance level at $123.51 and bring a possible break out through the 23.6% FIB Retracement Level of $124 into play, which would provide further support to the near-term bullish trend, though it’s looking bearish going into the weekend.

Failure to move back through to $121 levels would bring the day’s second major support level at $117.45 into play, with any pullback through the 62% FIB Retracement Level of $117 supporting a resumption of the extended bearish trend formed back at 5^th May’s swing hi $182.35.

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Ripple Joins the Pack

Ripple’s XRP gained 0.24% on Thursday, reversing Wednesday’s 0.08% fall, to end the day at $0.6771.

Moves through the day bucked the broader market trend, with Ripple’s XRP managing to avoid a major reversal through the day, a late in the day dip to an intraday low $0.66779 calling on support at the 23.6% FIB Retracement Level of 0.6685 before recovering, the day’s low steering clear of the first major support level at $0.6601.

For the crypto bulls, Ripple’s XRP managed to test the day’s first major resistance level at $0.6881 in the early hours, with an intraday high $0.68881, with the late recovery through the 23.6% FIB Retracement Level of $0.6685 continuing to support the near-term bullish trend formed at 29^th May’s swing lo $0.543.

Ripple’s XRP was down 1.02% to $0.66798 at the time of writing, with a broad market sell-off pinning Ripple’s XRP back in the early hours.

An early move through to a morning high $0.6808 fell short of the day’s first major resistance level at $0.688, with Ripple’s XRP sliding through the 23.6% FIB Retracement Level of $0.6685 and the day’s first major support level at $0.667 to an intraday low $0.66064.

For the day ahead, a move back through the 23.6% FIB Retracement Level of $0.6685 to $0.6779 would support another run at the day’s first major resistance level at $0.688 to bring $0.70 levels into play.

Failure to break back through to $0.67 levels would likely see Ripple’s XRP pullback to test the day’s second major support level at $0.6569 before recovering, Ripple’s XRP unlikely to test support at the 38.2% FIB Retracement Level of $0.6445.

While some of the cryptocurrencies have struggled in recent days and have lingered at around their 38.2% FIB Retracement Levels, Ripple’s XRP has managed to buck the trend until now, today’s moves key to define direction in the coming days and whether the near-term bullish trend can remain intact.

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