Bitcoin Cash, Litecoin and Ripple Daily Analysis – 13/03/18

Bitcoin Cash on the Move

Bitcoin Cash formed a bearish trend through Monday, reversing the bullish trend seen through the weekend, with Bitcoin Cash falling 8.13% to end the day at $1,045.7, partially reversing Sunday’s 14.3% gain.

It had been smooth sailing through the early part of the day, with Bitcoin Cash testing buyer appetite at the day’s 23.6% FIB Retracement Level of $1,111.4 before a fall through the day’s 62% FIB Retracement Level of $1,035.96, which ultimately reversed the bullish trend that had persisted through to the early part of Monday.

The middle of the day slide saw Bitcoin Cash fall through to an intraday low $1,008.6, falling through the day’s first major support level of $1,021 before recovering to an end of day $1,045.7, while the day’s intraday high of $1,150.6 fell short of the day’s first major resistance level of $1,210.

At the time of writing, Bitcoin Cash was up 4.19% to $1,093, with Bitcoin Cash moving back through the day’s 23.8% FIB Retracement Level of $1,043.86 and 38.2% FIB Retracement Level of $1,065.67, with limited sellers supporting a move through towards $1,100 levels and the day’s first major resistance level of $1,128.

A failure to move back through the 62% FIB Retracement Level of $1,100.93, which sits just shy of the day’s first major resistance level, will likely lead to a pullback to $1,060 levels, with any fall back though the day’s 23.6% FIB Retracement Level of $1,043.86 bringing sub-$1,000 support levels into play.

Monday’s $1,158 high may have been impressive, but Bitcoin Cash is going to need to retake $1,100 levels to avoid another slide.

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Litecoin Recovers to $180 levels

Litecoin has certainly been amongst the steadier cryptocurrencies in recent days, with the ranges significantly narrower, while the trend remains in line with the broader market.

A 5.56% fall on Monday, to an end of day $177.86, reversed most of Sunday’s 6.04% gain, with the day’s intraday low $175 falling through the first major support level of $176.39 in the latter part of the day.

In spite of Litecoin making some headway on Sunday, we still see a bearish trend in place, with Litecoin’s moves through 62% FIB Retracement Levels ultimately leading to a pullback to 23.8% FIB Retracements, with Monday’s intraday high $192.89 falling short of the day’s first major resistance level.

At the time of writing, Litecoin was up 1.3% to $180.2, with a move up from a swing lo $175 seeing Litecoin test investor sentiment at the 23.6% FIB Retracement Level of 179.6. A move through the day’s 38.2% FIB Retracement Level of $182.44 would support a run at the day’s first major resistance level of $188.8 and a look at $190 levels, which Litecoin has managed to visit on each of the last 4-days.

A failure to hold above the 23.6% FIB Retracement Level would likely see Litecoin reverse the day’s gains and pull back and test the day’s first major support level of $171, which would affirm a continuation of the bearish trend formed on Saturday.

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Ripple Looks for Support

In stark contrast to Litecoin, Ripple’s XRP has seen more significant intraday swings that have not been reflected in the daily performances of late.

Monday saw Ripple’s XRP continue a bearish trend formed on Sunday evening, with slide from the day’s intraday high $0.82982, struck in the middle part of the day, through to the day’s intraday low $0.75405, testing the day’s first major support level of $0.76233, while the day’s first major resistance level of $0.8588 remained untested through the day.

The bad news for the day was XRP’s end of day level falling back to sub-$80 levels, with Ripple’s XRP now having failed to reach $0.90 levels for a 5^th consecutive day.

At the time of writing, Ripple’s XRP was up 1.02% to $0.79111, as Ripple’s XRP looks to reverse Monday’s bearish trend, moving through the day’s 23.6% FIB Retracement Level of $0.7738 and 38.2% FIB Retracement Level of $0.786, with investors holding on in search of $0.80 levels.

A move through the day’s 62% FIB Retracement Level of $0.8058 would support a run at the day’s first major resistance level of $0.8192, though sentiment across the cryptomarket will need to remain upbeat, with Ripple’s XRP one of the more sensitive cryptos to shifts in market sentiment.

It’s bullish for now, with the news wires having been relatively silent on what could spook investors, with Bitcoin’s recovery this morning providing further appetite across the markets.

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