Bitcoin Cash, Litecoin and Ripple Daily Analysis – 11/03/18The cryptomarket has started the day in the red, but after a bruising week, the bulls may look to ease some of the pain and give investors a late weekend rally ahead of the start of a new week and Wednesday’s session on cyrptocurrencies and ICOs in Congress.
Bitcoin Cash Bears Continue to Rule
Life didn’t improve for the bulls on Saturday, with a lateral move through much of the day that saw Bitcoin Cash hit an intraday high $1,087.6, doing little to restore confidence in the cryptomarkets.
The day’s intraday high saw Bitcoin Cash fall short of the day’s first major resistance $1,122.19, giving the bears control in the latter part of the day, with Bitcoin Cash sliding to an intraday low $960.53, before recovering to close the day down 6.05% at $996.41.
With the day’s low testing Bitcoin Cash’s first major support level of $963, the good news for the bulls was the recovery to $1,000 off the slide, but the bad news was the failure of Bitcoin Cash to close at $1,000 levels for the first time since 7th February.
There was no particularly negative news to hit the markets through the day, with market jitters ahead of Wednesday’s testimony to Congress on cryptocurrencies and initial coin offerings continuing to weigh.
Things were no better this morning, with Bitcoin Cash down 0.91% to $990.91 at the time of writing. An early intraday high $1,000.6, fell short of today’s first major resistance level of $1,069 and Bitcoin Cash’s failure to hold on to $1,000 levels early on may prove to be a bad omen for the bulls today.
We have yet to see any signs of a weekend rally and, with Bitcoin at sub-$9,000 levels, it’s going to be a tough day ahead unless Bitcoin Cash is able to move through $1,000 and test $1,069 in the middle part of the day.
A sideways move through the day will likely see Bitcoin Cash test its first major support level of $942, though we won’t expect sub-$900 support levels to be tested today, barring particularly bad news hitting the news wires.
Litecoin Moves back into the Red
Litecoin had a promising start to the day on Saturday, gaining 4.4% in the early hours of the day, to hit an intraday high $194.47. But that was all the bulls had to offer in what was yet another negative day for the cryptomarkets.
Litecoin went into reverse, sliding 11.4% from the day’s high to an intraday low $172.3, before closing out the day down 4.57% to $177.8.
That’s the 2nd time in three days that Litecoin has closed at sub-$180 levels and the 4th consecutive day on which Litecoin failed to hit $200 levels.
The only good news for Litecoin investors for now is that support levels were not tested on Saturday, in spite of the day’s slide, though resistance levels were also untested through the day.
For the day ahead, the bearish trend has continued, with Litecoin down 0.91% to $176.06 at the time of writing.
An early move to a morning high $179.6 reversed and it’s been largely lateral since recovering from a morning low $172.3.
For the day ahead, a move through to $180 levels would been needed for Litecoin to have a run at today’s first major resistance level of $190, with anything short, likely to see Litecoin pull back to sub-$170 levels, testing the day’s first major support level of $170.
It’s bearish, but the bulls will be hoping for a Bitcoin led late weekend rally ahead of Monday’s open.
Ripple Sees the Gap to $1.00 Widen
Ripple’s XRP returned to the red on Saturday, falling 5.63% to end the day at $0.77512, reversing Friday’s 2.07% gain, which was the only positive move since Monday’s 12.6% rally.
There were few highlights for Ripple’s XRP on Saturday, with an intraday high $0.8414 falling short of the day’s first major resistance level of $0.86858, while the day’s low $0.74251 tested the day’s first major support level of $0.7494.
Fortunately for the bulls, support kicked in at the end of the day, with Ripple’s XRP closing out the day at higher levels, while falling short of $0.80 levels for the first time since 8th February.
At the time of writing, Ripple’s XRP was down 0.17% to $0.77543, with the morning’s losses certainly on the lighter side relative to its peers.
A break through to $0.80 levels is needed to restore some confidence and give Ripple’s XRP a chance of ending, what has been quite a dire week, on a high note. Breaking through $0.80 would give Ripple’s XRP a run at $0.83018, the day’s first major resistance level, with support levels unlikely to be tested through the day, barring a material new event hitting the news wires.