Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/05/18

Bitcoin Cash Tumbles Early

Bitcoin Cash gained 1.02% on Sunday, logging a 2^nd consecutive day of gains to end the day at $1,472.9, down 16.3% for the week, Monday through Sunday.

Bitcoin Cash managed to recover from an early dip to an intraday low $1,400, to break out from the 23.6% FIB Retracement Level of $1,402 and move through to an intraday high $1,497.6 to test selling pressure at the 38.2% FIB Retracement Level of $1,487 before pulling back to the day’s ending $1,472.9.

Failure to test the day’s first major resistance level at $1,556 continued to support the near-term bearish trend formed at 5^th May’s swing hi $1,849.9, with Bitcoin needing to move through the 62% FIB Retracement Level of $1,620 to resume the longer term bullish trend.

At the time of writing, Bitcoin Cash was down 7.25% to $1,370.8, with the Bitcoin Cash sell-off resuming ahead of this week’s scheduled hard fork.

Bitcoin Cash slid through the today’s first major support level at $1,416.13 and second major support level at $1,359.37 to an intraday low $1,339.9 before finding support, though things are looking precarious for the day ahead, the sharp pullback reflecting market sentiment towards news of South Korea’s FSC joining in on the crypto exchange probe.

For the day ahead, with sentiment on the negative side, a pullback through the second major support level at $1,359.37 would likely bring sub-$1,300 support levels into play later in the day, before any recovery, this morning’s moves continuing to affirm the near-term bearish trend.

A move through the 23.6% FIB Retracement Level of $1,402 would support a run at $1,500, though with the 38.2% FIB Retracement Level of $1,487 to contend with, we would expect the day’s major resistance levels to remain untested and for Bitcoin Cash to struggle to hold on to $1,400 levels by the day’s end.

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Litecoin goes red

Litecoin gained 1.71% on Sunday, following Saturday’s 4.15% rise, to end the day at $144.43, logging a 15.5% fall for the week, Monday through Sunday.

A morning dip to an intraday low $137.2 held above the day’s first major support level at $134.36, before a shift in sentiment across the broader market supported a move back through to test selling pressure at the 23.6% FIB Retracement Level of $144, with an intraday high $146.73.

Litecoin failed to test the day’s major resistance levels, leaving the near-term bearish trend intact with the week’s losses.

At the time of writing, Litecoin was down 5.18% to $136.95, with Litecoin sliding through the day’s first major support level at $138.84 to a morning low $135.48, as investors responded to more South Korean regulatory news.

For the day ahead, a move back through to $140 levels would support a run at the 23.6% FIB Retracement Level of $144, though we would expect Litecoin to fall short of testing the day’s first major resistance level at $148.37 through the day, barring a material shift in sentiment.

Failing to move back through to $140 levels could see Litecoin pullback through to test the day’s second major support level at $133.26, with investors likely to sit on the side lines until the dust settles and Litecoin steadies. Sub-$130 support levels may well come into play should a recovery fail to kick in through the afternoon.

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Ripple Grips on to $0.70 Levels

Ripple’s XRP rallied 6.3% on Sunday, following Saturday’s 1.07% rise, to end the day at $0.72941, reducing its weekly loss to 15.5%.

An early fall to an intraday low $0.66147 saw Ripple’s XRP hold above the day’s first major support level at $0.6428, with a shift in market sentiment through the late morning driving Ripple’s XRP through the 23.6% FIB Retracement Level of $0.7112 and the day’s first major resistance level at $0.7204 to test the day’s second major resistance level at $0.7536, with an intraday high $0.75266.

A pullback to 0.72 levels by the day’s end saw Ripple’s XRP hold above the day’s first major resistance level and 23.6% FIB Retracement Level, as Ripple’s XRP continues to find strong support on the bullish days.

At the time of writing, Ripple’s XRP was down 2.83% to $0.71199, partially reversing the weekend’s gains as investors responded to more negative news out of South Korea.

Ripple’s XRP slid to a morning low $0.68037 before recovering to $0.70 levels to test selling pressure at the 23.6% FIB Retracement Level of $0.7112, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through to $0.72 levels would support a run at the 38.2% FIB Retracement Level of $0.7603 to test the day’s first major resistance level at $0.7676, with a move through to $0.76 levels needing a material shift in market sentiment later in the day.

Failure to break through to $0.72 levels would likely see Ripple’s XRP pull back to sub-$0.70 levels to bring the day’s first major support level at $0.6764 into play, before any recovery, the morning’s moves affirming the near-term bearish trend.

It’s looking bearish once more and, while we would expect more losses through the day, support will likely kick in at the day’s second major support level to avoid a more material loss to test sub-$0.60 support levels.

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