Bitcoin Cash, Litecoin and Ripple Daily Analysis – 16/03/18

Bitcoin Cash in the red again

Bitcoin Cash fell just 0.07% on Thursday, following Wednesday’s 10.4% tumble, to end the day at $942.1, though things were a lot worse through the early hours of Thursday. Negative sentiment from the Congress session on cryptocurrencies and initial coin offerings, together with Google’s ban on ads, led Bitcoin Cash to an intraday low $868.6 in the early hours of the day.

The day’s first major support level of $877.97 was tested early, with Bitcoin Cash sliding 7.9% to the low. Sentiment shifted through the morning however, with support kicking in to support a move back through to $900 levels.

There was no further negative news to instigate another sell-off and, while Congress may have talked of the need for greater oversight, it’s going to take some time for regulations to roll out and they may not be a bad thing for the cryptomarket.

Bitcoin Cash hit an intraday high $956.3, which fell well short of the day’s first major resistance level of $1,040.4, while also failing to test investor sentiment at the day’s 23.6% FIB Retracement Level of $969.06.

It’s been another slow start this morning, with Bitcoin Cash down 1.63% to $923.3 at the time of writing, a pullback to an early intraday low $892.37 testing sub-$900 support levels early on.

We’ve seen Bitcoin Cash recover to $900 levels, an intraday high $945.3 moving through the day’s 23.6% FIB Retracement Level of $936.9, before pulling back to $923.3, Bitcoin Cash looking to create some daylight from Thursday’s swing lo $868.6.

For the day ahead, a move through to the day’s first major resistance level of $976, which sits alongside the day’s 38.2% FIB Retracement Level of $979, will be the day’s first real test, though sentiment will need to improve through the middle part of the day.

A failure to break through to $970 levels will likely see Bitcoin Cash pullback to sub-$900 levels, bringing the day’s first major support level of $888 into play.

The bearish trend remains intact this morning and without a move through the key levels in the middle part of the day, sentiment may well remain skewed to the negative.

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Litecoin Struggles On

Litecoin had a better day than most on Thursday, ending the day up 2.38% at $164.5, recovering from an intraday low $150 in the early hours.

The day’s low fell through Thursday’s first major support level of $152.82, with support kicking at the $150, which was pivotal in avoiding further declines through the morning and a pullback to the day’s 2^nd support level of $143.

Litecoin bounced back through the day’s 23.6% FIB Retracement Level of $166.23, though there were plenty of sellers lined up, to leave Litecoin below the key level by the day’s end, with major resistance levels untested through the day.

Litecoin was down 0.8% to $162.89 this morning, with a pullback to a morning low $158.56 short lived, as Litecoin retraced through the day’s 23.6% FIB Retracement Level of $160.5. Holding above this level through the morning will be key for Litecoin to make a move through to the day’s 38.2% FIB Retracement Level of $167 and look to test the day’s first major resistance level of $171.51.

Much will depend upon the news wires and sentiment across the broader market, though an upward move would be on the cards if the news wires stay silent through the middle part of the day.

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Ripple Bucks the Trend this Morning

Ripple’s XRP had a choppier day than most on Thursday, sliding 8.6% in the early hours, following Wednesday’s 11.6% fall, to hit an intraday low $0.62537 to test the day’s first major support level of $0.6253 early on.

In spite of the negative sentiment surrounding the cryptomarket, support kicked in to take Ripple’s XRP through to an intraday high $0.72485 before the end of the morning, with Ripple’s XRP moving through the day’s 23.6% and 38.2% FIB Retracement Levels.

Sellers ultimately had the final say at key levels, with Ripple’s XRP failing to test major resistance levels, leading to a pullback to sub-$0.70 levels by the day’s end.

While the rest of the majors were in the red through the early part of this morning, Ripple’s XRP was up 1.16% to $0.6919 at the time of writing. The positive moves through Thursday will have given some comfort to Ripple investors.

An early intraday high $0.7052 moved through the day’s 23.6% FIB Retracement Level of $0.6755 and tested investor sentiment at the 38.2% FIB Retracement Level of $0.7065, which pinned back any further moves through to the day’s first major resistance level of $0.7306.

For the day ahead, a move back through to $0.70 levels and the day’s 38.2% FIB Retracement Level will be needed to see more material gains through the day. With the rest of the cryptos in the red, we will expect selling pressure to remain through the morning.

Ripple’s XRP will need to hold above $0.6755 to have another run at the morning’s intraday high and much will depend upon the direction of the likes of Bitcoin through the afternoon and of course the news wires, investors wary of what else could hit the markets before the weekend.

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