Bitcoin Cash, Litecoin and Ripple Daily Analysis – 12/03/18

Bitcoin Cash Goes into Reverse

The weekend rally came late, but it was worth waiting for, with Bitcoin Cash rallying 14.3% to end the day at $1,142, more than reversing Saturday’s 6.05% fall to an end of day $1,142.

Support kicked in late in the morning, with Bitcoin Cash having hovered at around the $1,000 levels through the early part of the day, before moving through to an intraday high $1,158 in the afternoon, breaking through its first two resistance levels and most importantly moving through and holding on to $1,100 levels at the close.

The good news for the Bitcoin Cash bulls was that support levels were not tested through the day, with concerns over this Wednesday’s session in Congress on cryptocurrencies and initial coin offerings side lined for the day.

In spite of Sunday’s rally, Bitcoin Cash ended the week down 11% from Monday’s open through to Sunday’s end of day $1,142.

Things have started somewhat sheepishly this morning, with Bitcoin Cash down 1.93% to $1,115 at the time of writing, with sub-$1,100 support levels tested early as Bitcoin Cash slipped to a morning low $1,095.6.

For the day ahead, a move back through to today’s intraday high $1,150.6 would support a run at today’s first major resistance level of $1,210, with any sideways moves through the middle of the day likely to test investor resolve, which could well lead to a pull back to sub-$1,100 levels later in the day.

With Bitcoin in positive territory early on, Bitcoin Cash will likely find some support in the early part of the day, though Bitcoin will need to find momentum for sentiment to improve.

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Litecoin Moves back into the Red

Litecoin had a less spectacular day on Sunday, gaining just 6.04% to reverse Sunday’s 4.57% loss, ending the day at $188.4.

While Bitcoin Cash and some of the other majors were able to recover to key levels, Litecoin fell short of $200, with an intraday high $192.85 late in the day. Litecoin tested its first major resistance level of $190.75 on the day, which yet again led to a pull back to sub-$190 levels.

For the week, Litecoin ended the week down 11.6%, with Litecoin unable to close out the day at $190 levels since Tuesday’s $196.72 close.

Litecoin was down 0.23% to $187.89 at the time of writing, with the cryptomarkets mixed at the start of the week. A morning intraday high $190 fell short of the day’s first major resistance level of $196.63, with pressure likely to build if Litecoin is unable to make a move through $190 in the middle part of the day.

We will expect support to kick in at $180, but any shift in sentiment across the market and Litecoin will likely test its first major support level of $176 late in the day.

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Ripple Struggles on

Ripple’s XRP gained just 5.65% on Sunday, reversing Saturday’s 5.63% loss to end the weekend flat, in what was quite a dire week for the Ripple team, Ripple’s XRP ending the week down 18.9% to $0.81515.

Moves through the day were relatively muted on the upside, with an intraday high $0.8378 testing the day’s first major resistance level of $0.83 late in the day before pulling back to $0.81515 by the day’s end.

The good news for the day was that support levels were avoided, with Ripple XRP’s intraday low $0.74725 sitting above the day’s first major support level of $0.73129, which supported a close at $0.81 levels.

At the time of writing, Ripple’s XRP was down 0.41% to $0.81129, with an early intraday high $0.8326 falling short of the day’s first major resistance level of $0.8529.

For the day ahead, a move back through $0.83 levels would be needed to support a run through to $0.8529. Falling short of the morning’s intraday high will be a bad omen for Ripple’s XRP, which has failed to touch $0.90 levels since Wednesday’s $0.9174 high.

We’ve seen Ripple’s XRP fall through to sub-$0.80 levels for 5-days in a row and with no material shift in sentiment ahead of Wednesday’s session in Congress, the day’s first major support level of $0.76233 may well be tested.

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