Bitcoin Cash, Litecoin and Ripple Daily Analysis – 09/06/18

Bitcoin Cash Struggles On

Bitcoin Cash slipped by 2.75% on Friday, following Thursday’s 1.24% gain, to end the day at $1,113.5, leaving Bitcoin Cash down 4.82% for the week, Monday through Friday.

A start of the day intraday high $1,151.3 fell well short of the first major support level at $1,170.6, while holding above the 23.6% FIB Retracement Level of $1,133, before a broad based market sell-off saw Bitcoin Cash slide to an intraday low $1,085.6.

The slide saw Bitcoin Cash pullback through the 23.6% FIB Retracement Level and the day’s first major support level at $1,121.1, calling on support at the day’s second major support level at $1,098.3 and 38.2% FIB Retracement Level of $1,082 before recovering to $1,100 levels by the day’s end.

At the time of writing, Bitcoin Cash was up 0.81% to $1,123.8, with Bitcoin Cash hitting a morning high $1,150 before reversing. The morning high saw Bitcoin Cash break through the 23.6% FIB Retracement Level of $1,133 to test the day’s first major resistance level at $1,148 before reversing.

A late morning slide to an intraday low $1,113 saw Bitcoin Cash pullback through the 23.6% FIB Retracement Level of $1,133, whilst steering clear of the first major support level at $1,082.3 to support a move back to $1,100 levels.

For the day ahead, a move back through the 23.6% FIB Retracement Level of $1,133 would be needed to continue supporting the near-term bullish trend that’s been under pressure in recent days, with $1,200 levels in play should Bitcoin Cash manage to break out from $1,133 through the day’s first major resistance level at $1,148 to $1,175.

Failure to move through the 23.6% FIB Retracement Level of $1,133 would bring sub-$1,100 support levels back into play, with a pullback through the day’s first major support level at $1,082.3 bringing the day’s second major support level at $1,051.1 into play before any recovery.

While the near-term bullish trend remains intact, recent moves continue to test the bullish trend, with a possible reversal in play should Bitcoin Cash fail to make progress through the weekend.

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Litecoin Sees More Red

Litecoin fell by 1.3% on Friday, following Thursday’s 0.11% gain, to end the day at $120.04, leaving Litecoin down 3.97% for the week.

The day’s $121.95 high came within the first hour, following the broader market trend, with Litecoin holding above the 38.2% FIB Retracement Level of $121, while falling well short of the day’s first major resistance level at $123.51 before reversing through the morning.

A late morning intraday low $118.95 saw Litecoin pull back through the 38.2% FIB Retracement Level of $121 and the day’s first major support level at $119.48 before a second half of the day recovery to $120 levels, the failure to move back through the 23.6% FIB Retracement Level of $124 continuing to test the near-term bullish trend formed in late May.

At the time of writing, Litecoin was up 0.17% to $120.25, with sentiment across the broader market mixed through the morning.

An early move through to an intraday high $120.95 left Litecoin short of the day’s first major resistance level at $121.8 and the 38.2% FIB Retracement Level of $121 before reversing to a morning low $119.75.

While the morning’s low steered clear of the day’s first major support level at $118.44 and the 62% FIB Retracement Level of $117, Litecoin is under pressure and is need of a middle of the day break through the 38.2% FIB Retracement Level of $121 to avoid pulling back through the 62% FIB Retracement Level of $117 to resume the extended bearish trend formed in early May.

A move back through to $120 levels would support a run at the day’s first major resistance level at $121.8 and 38.2% FIB Retracement Level of $121, though sentiment will need to improve for Litecoin to make progress through the weekend, the day’s first major support level at $118.44 certainly in play today.

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Ripple Steadies

Ripple’s XRP slipped by 0.32% on Friday, reversing Thursday’s 0.24% gain, to end the day at $0.67563. For the week, Monday through Friday, Ripple’s XRP was down 1.75%, with the near-term bullish trend intact, Ripple’s XRP managing to hold above the 23.6% FIB Retracement Level of $0.6685 by the day’s end.

A start of the day intraday high $0.68076 fell short of the day’s first major resistance level at $0.6880, with the broad based market sell-off seeing Ripple’s XRP slide back through the 23.6% FIB Retracement Level of $0.6685 and the day’s first major support level at $0.6670 to call on support at the day’s second major support level at $0.6569 before recovering to $0.67 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.34% to $0.67305, easing back from a morning high $0.6832 that fell short of the day’s first major resistance level at $0.6852 before reversing through the morning to a morning low $0.6682 to call on support at the 23.6% FIB Retracement Level of $0.6685 to recover to $0.67 levels.

For the day ahead, a move through $0.6750 would support a run at the day’s first major resistance level at $0.6852, with a broad based market rally likely to bring $0.70 levels into play through the weekend.

Failure to move through $0.6750 would support further declines in the day, with the 23.6% FIB Retracement Level of $0.6685 and the day’s first major support level at $0.6617 in play before any recovery, though we would expect Ripple’s XRP to avoid testing the day’s major support levels through day.

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