Bitcoin Cash, Litecoin and Ripple Daily Analysis – 11/05/18

Bitcoin Cash Bulls Battling

Bitcoin Cash slumped 6.94% on Thursday, reversing Wednesday’s 1.86% gain, to end the day at $1,514.2.

An early intraday high $1,679 fell short of the day’s first major resistance level at $1,720.67, with a relatively range bound move through much of the day ultimately leading to a sell-off late in the day, with Bitcoin Cash sliding to an intraday low $1,506 before a slight recovery to the day’s end.

With Bitcoin Cash falling back through the 23.6% FIB Retracement Level of $1,555, there has been the formation of a near-term bearish trend formed at last Sunday’s swing hi $1,849.9, in spite of a pickup from Wednesday’s swing lo $1,457.4.

The good news for the bulls was a hold above the day’s first major support level at $1,500, Bitcoin Cash managing to avoid a pullback through to $1,400 levels, though buying appetite ahead of next week’s hard fork will need to build for Bitcoin Cash to return to its bullish trend.

At the time of writing, Bitcoin Cash was up 1.6% to $1,544.5, bucking the trend across the broader market early on in the day.

A start of the day $1,485 low coming off the back Thursday’s late in the day sell-off, holding above the day’s first major support level at $1,453.8, with Bitcoin Cash’s managing to bounce back to $1,500 levels to a morning high $1,545.9.

For the day ahead, a move through the 23.6% FIB Retracement Level of $1,550 would support a run at the day’s first major resistance level at $1,626.8 though, with negative sentiment across the market, sellers may well be lined up at $1,550 to hold back a morning move.

Failure to break through the 23.6% FIB Retracement Level could see Bitcoin Cash give up early gains and slide back through to $1,400 levels to bring the day’s first major support level at $1,453.8 into play, though barring any materially negative news, we would expect support at sub-$1,500 levels to leave Bitcoin Cash at or above Thursday’s close by the day’s end.

The near-term trend may have turned bearish, but with the hard fork and positive outlook for the cryptomarket, it’s only the regulatory piece of the puzzle that can spoil the party for now.

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Litecoin sees red yet again

Litecoin saw red again on Thursday, sliding 5.36% to end the day $148.43. The Thursday fall marked a 5^th consecutive day of losses, its worst run since the late March sell-off that saw Litecoin slide to $112 levels.

The first half of the day was a relatively positive one, with Litecoin moving through to a morning high $160.45 to come within reach of the day’s first major resistance level at $161.09. A late in the day sell-off led to a day low $148.01, Litecoin sliding through the 38.2% FIB Retracement Level of $155.5 and the day’s first major support level at $151.81 before steadying.

Losses through the week and a hold at below the 38.2% FIB Retracement Level of $155.5 affirmed a near-term bearish trend formation, as sentiment across the broader market weighed through the late afternoon.

At the time of writing, Litecoin was down 0.16% to $147.95, with Litecoin managing to recover from a start of the day $145.2 low that came within reach of the day’s first major support level at $144.14 before moving through to a morning high $148.61.

With the day’s major support and resistance levels untested early on, Litecoin will need to break through the 23.6% FIB Retracement Level of $156.1 and the day’s first major resistance level at $156.58 to attempt to reverse the near-term bearish trend and resume the extended bullish trend, with the recent sell-off supportive of a second half of the day recovery.

Failure to move through to $150 levels in the middle of the day will likely lead to further losses to bring the day’s first major support level at $144.14 into play, though we would expect Litecoin to steer clear of sub-$140 levels and look to close out at $150 levels, Litecoin ending the day at sub-$150 on Thursday for the first time since 2^nd May.

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Ripple facing the threat of $0.60 levels

It was another day of losses for Ripple’s XRP, which slid by 6% on Thursday to end the day at $0.74646. The day’s fall marked a 5^th consecutive day in the red, with Ripple’s XRP now a long way off $0.90 levels and hopes of a recovery through to $1.00 levels.

Ripple’s XRP moved within tight ranges through most of the day, an intraday high 0.80614 leaving the day’s first major resistance level untested, with Ripple’s XRP seeing a low $0.78817, holding above the day’s first major support level at $0.7648 before the late in the day sell-off.

An evening slide through to an intraday low $0.74525 saw Ripple’s XRP fall through the 38.2% FIB Retracement Level of $0.7731 and day’s first major support level at $0.7648, to form a near-term bearish trend from 25^th April’s swing hi $0.96837, the lack of a new swing hi through early May contributing to the bullish trend reversal.

At the time of writing, Ripple’s XRP was down 0.15% to $0.74978, recovering from a start of a day slide to a morning low $0.72397 that test the day’s first major support level at $0.7258 early.

Support led to a move back through to a morning $0.7601 high before easing back, sentiment across the broader market on the negative side following Thursday’s late in the day reversal.

For the day ahead, a move back through the morning’s $0.76 high would support a run at the day’s first major resistance level at $0.7867, though for a move back through to $0.80 levels, Ripple’s XRP will need to break through the 23.6% FIB Retracement Level of $0.7988, which may provide to be a challenge, barring a material shift in sentiment across the broader market.

Failure to move through to $0.80 levels would support a continued slide, which could see Ripple’s XRP test the day’s second major support level at $0.7051 to bring sub-$0.70 levels into play for the first time since 20^th April.

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