Bitcoin Cash, Litecoin and Ripple Daily Analysis – 16/06/18

Bitcoin Cash Needs a Bounce

Bitcoin Cash fell by 5.97% on Friday, reversing most of Thursday’s 6.21% gain, to end the week down 9.87% at $841.8.

An intraday high $897.3 came at the very start of the day, as the bearish trend continued through the day, with Bitcoin Cash going through yet another day of falling well short of the 23.6% FIB Retracement Level of $1,049, with the day’s first major resistance level at $925.53 also left untested through the day.

A late in the day low $833 saw Bitcoin Cash fall through the first major support level a $845.13, with Bitcoin Cash unable to recovery through the support level by the day’s end.

At the time of writing, Bitcoin Cash was up 0.17% to $842.9, with an early move through to an early high $859.8 falling short of the day’s first major resistance level at $881.73 before reversing to a morning low $839.8, holding above the day’s first major support level at $817.43.

For the day ahead, a move back through $857 would support a run at the day’s first major resistance level at $881.73 to bring $900 levels into play, with Bitcoin Cash in dire need of a weekend rally.

Failure to move back through $857, would likely see Bitcoin Cash pullback through the day’s first major support level at $817.43 to bring sub-$800 support levels into play, as the bears continue to drive the cryptomarket.

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Litecoin Bears Hold On

Litecoin fell by 5.45% on Friday, partially reversing Thursday’s 7.79% rally, to end the week down 10.63% at $95.6.

Following the broader market, the day’s $101.11 high came at the start of the day, falling short of the first major resistance level at $105.11, with a reversal through the day seeing Litecoin fall through the day’s first major support level at $95.05 to an intraday low $94.75 late in the day before recovering to $95 levels by the day’s end.

At the time of writing, Litecoin was up 0.13% to $95.66, with an early move through to a morning high $96.49 falling short of the day’s first major resistance level at $99.56, before easing back, in what’s been a relatively range bound start to the day, a morning low $95.22 holding well above the day’s first major support level at $93.2.

For the day ahead, a move through $97 would support a run at the day’s first major resistance level at $99.56, with the news wires generally on the quieter side through the weekend likely to provide some much needed support.

Failure to break through to $97 levels and take a run at $100 would likely see Litecoin pullback through the day’s first major support level at $93.2 before support kicks in, sub-$90 support levels likely to be left untested today, in the event of a sell-off.

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Ripple Bucks the Trend Early

Ripple’s XRP fell by 4.23% on Friday, following Thursday’s 4.92% gain, to end the week down 8.05% at $0.5321.

A start of the day $0.56006 intraday high saw Ripple’s XRP fall well short of the first major resistance level at $0.5765 and 23.6% FIB Retracement Level of $0.6106, with a broad based market reversal seeing Ripple’s XRP slide through the day.

An intraday low $0.52304 tested the day’s first major support level at $0.5271 before recovering to $0.53 levels by the day’s end, the moves through the day continuing to affirm the extended bearish trend formed in late April.

At the time of writing, Ripple’s XRP was down 0.34% to $0.52869, an early move through to a morning high $0.54015 falling short of the day’s first major resistance level at $0.5538.

Bucking the broader market trend, Ripple’s XRP saw a heavier pullback to a morning low $0.52305, before a partial recovery, the first major support level at $0.5167 left untested in the early hours.

For the day ahead, a move back through $0.5384 would support a run at the day’s first major resistance level at $0.5538 to bring $0.56 levels back into play, while Ripple’s XRP will continue to fall short of the 23.6% FIB Retracement Level of $0.6106 through the day.

Failure to move through $0.5384 to take a run at $0.55 levels will likely see Ripple’s XRP take further losses later in the day, with the day’s first major support level at $0.5167 in play and a revisit to sub-$0.50 levels on the cards should sentiment not shift in the early part of the weekend.

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