Bitcoin Cash, Litecoin and Ripple Daily Analysis – 15/06/18

Bitcoin Cash Back in the Red

Bitcoin Cash gained 6.21% on Thursday, reversing Wednesday’s 3.02% fall, to end the day at $894.6.

A choppy day saw Bitcoin Cash slide to an intraday low $826.6 in the early hours before breaking back through to $900 levels in the mid-afternoon, with Bitcoin Cash hitting an intraday high $907 prior to easing back to sub-$900 levels by the day’s end.

In spite of a choppy day, the day’s major support and resistance levels were left untested, with Bitcoin Cash sitting well short of the 23.6% FIB Retracement Level of $1,049.

At the time of writing, Bitcoin Cash was down 3.69% to $860.8, with Thursday’s 2^nd half of the day rally going into reverse in the early hours, Bitcoin Cash pulling back from a start of the day $897.3 high to a morning $859.1 low before partially recovering, the day’s major support and resistance levels left untested.

For the day ahead, a move through $876 would support a run at the day’s first major resistance level at $925.53, though sentiment would need to materially improve for Bitcoin Cash to break through to $900 levels in the day, investors continuing to see uncertainty ahead.

Failure to break through to $900 levels will likely see Bitcoin Cash pullback from any middle of the day recovery, with the day’s first major support level at $845.13 in play, the bears’ next target being sub-$800 levels.

It’s still bearish in spite of Thursday’s gains, with little there for the bulls to get excited about.

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Litecoin Down Again

Litecoin gained 7.79% on Thursday, partially reversing Wednesday’s 12.7% loss, to end the day at $101.11.

Following the broader market trend, Litecoin’s intraday low $93 came at the start of the day, leaving the day’s first major support level at $88.52 untested, before moving back through to $100 levels, with an intraday high $103.06 that broke through the day’s first major resistance level at $99.84 before easing back in the final hours of the day.

At the time of writing, Litecoin was down 3.9% to $97.18, the late in the day pullback on Thursday continuing on through the early hours.

A morning low $97.01 saw Litecoin steer clear of the day’s first major support level at $95.05, with key resistance levels out of play in the first half of the day.

For the day ahead, a move back through to $99.06 would support a run at the day’s first major resistance level at $105.11, which would bring the 23.6% FIB Retracement Level of $111 into play, though with the current reversal in play, key resistance levels are likely to be left untested through the day.

Failure to recover and move through $99.06 to $100 levels would likely see Litecoin slide through the day’s first major support level at $95.05 later in the day, with sub-$90 levels and the second major support level at $89 in play.

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Ripple on the Defensive

Ripple’s XRP gained 4.92% on Thursday, reversing Wednesday’s 4.57% loss, to end the day at $0.55557.

An intraday low $0.51963 at the start of the day held well above the first major support level at $0.4976, before a broad based market rally saw Ripple’s XRP move through to an intraday high $0.56897, breaking through the first major resistance level at $0.5615.

A late in the day pullback across the market saw Ripple’s XRP fall to $0.55 levels at the day’s end, with the reversal spilling into the early hours of this morning.

At the time of writing, Ripple’s XRP was down 1.23% to $0.54873, with an early move through to a morning high $0.56006 falling short of the first major resistance level at $0.5765.

While the broader market saw heavy losses through the early hours, Ripple’s XRP remained relatively range bound, with a morning low $0.5438 steering clear of the first major support level at $0.5271.

For the day ahead, a move through to $0.55 levels would support a run at the day’s first major resistance level at $0.5765, while $0.60 levels and the 23.6% FIB Retracement Level of $0.6106 will likely remain out of play, the crypto bears still in full control in spite of Thursday’s gains.

Failure to move back through to $0.55 levels could see Ripple’s XRP slide through the first major support level at $0.5271 to bring sub-$0.50 levels back into play, Ripple’s XRP having managed to avoid a move back to $0.49 levels during Thursday’s relief rally.

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