Advertisement
Advertisement

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/06/18

By:
Bob Mason
Published: Jun 14, 2018, 06:46 UTC

It's a positive start to the day, but whether the bulls can hold on and begin a rebound that brings the FIB Retracement Levels into play remains to be seen.

Top 5 Altcoin Cryptocurrencies Exchanges

Bitcoin Cash Finds Support

Bitcoin Cash fell by 3.02% on Wednesday, following on from Tuesday’s 8.79% slide, to end the day at $842.

A range bound start to the day saw Bitcoin Cash hit an intraday high $881.1 before the broad market sell-off resumed, the day’s high falling short of the first major resistance level at $935.3 and the 23.6% FIB Retracement Level of $1,086.

The sell-off saw Bitcoin Cash fall through the day’s first major support level at $826.6 to an intraday low and new swing lo $800.9 before support kicked in at $800, leading to a partial recovery by the day’s end.

At the time of writing, Bitcoin Cash was up 2.19% to $861.0, with Bitcoin Cash managing to avoid sub-$800 levels last struck on 18th April.

An early move saw Bitcoin Cash hit an intraday high $880 before easing, Bitcoin Cash pulling back at the day’s first major resistance level at $881.77, while falling well short of the 23.6% FIB Retracement Level of $1,049.

For the day ahead, a move back through the morning high would support a run at $900 levels to bring the day’s second major resistance level at $921.53 into play, before any pullback, the 23.6% FIB Retracement Level of $1,049 out of reach for the day as the extended bearish trend continues to weigh.

BCH/USD 14/06/18 4-Hourly Chart

Get Into Bitcoin Cash Trading Today

Litecoin Joins the Pack in Relief

Litecoin tumbled 12.7% on Wednesday, following Tuesday’s 6.9% fall, to end the day at $93.81.

While Litecoin managed to hold on through the early hours, the Tuesday sell-off resumed by mid-morning, with Litecoin sliding through the day’s first major support level at $95.72 and second major support level at $91.38 to an intraday low and new swing lo $89.25 before recovering to $93 levels by the close.

An intraday high $100.57 at the start of the day fell well short of the first major resistance level at $106.17 and the 23.6% FIB Retracement Level of $118 to leave the extended bearish trend intact.

At the time of writing, Litecoin was up 2.4% to $96.07, a relief really of sorts seeing Litecoin hit an intraday high $97.3 before easing back, Litecoin falling well short of the day’s first major resistance level at $99.84 and, more importantly, the 23.6% FIB Retracement Level of $111.

For the day ahead, a move back through to $97 levels would support a run at the first major resistance level at $99.84, though sentiment across the broader market will need to see a material improvement for Litecoin to hold on to the morning’s gains.

Failure to move through to $97 levels would likely see a pullback later in the day, with the day’s first major support level at $88.52 in play, though following recent moves, we would expect Litecoin to hold on to $90 levels by the day’s end.

LTC/USD 14/06/18 4-Hourly Chart

Buy & Sell Cryptocurrency Instantly

Ripple Leads the Way

Ripple’s XRP fell by 4.57% on Wednesday, following Tuesday’s 7.52% fall, to end the day at $0.52881.

Tuesday’s sell-off continued into Wednesday morning, with investors continuing to jump ship following more negative news hitting the wires at the end of the weekend.

A slide through the day’s first major support level at $0.5313 and second major support level at $0.5090 to an intraday low and new swing lo $0.49908 affirming the bearish trend formed in late April. The only good news for the bulls was a recovery to $0.50 levels by the day’s end, though the day’s first major support level at $0.5875 and the 23.6% FIB Retracement Level of $0.644 were left untested.

At the time of writing, Ripple’s XRP was up 4.09% to $0.54626, with a relief rally seeing Ripple’s XRP hit a morning high $0.55782 before easing back, Ripple’s XRP falling short of the first major resistance level at $0.5615.

For the day ahead, a move back though the morning high will likely bring $0.57 levels into play later in the day, Ripple’s XRP more than capable of double digit returns, though much will depend on the broader market, Wednesday’s new swing lo likely to keep investors wary of another sell-off.

Failure to break through the first major resistance level at $0.5615 to hit $0.57 levels would likely see a reversal later in the day, with sub-$0.50 support levels likely to come into play before any recovery.

It should be a good day for the crypto bulls, but to reverse the bearish trend it’s going to take more than a morning rally.

XRP/USD 14/06/18 4-Hourly Chart

Buy & Sell Cryptocurrency Instantly

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?

Advertisement