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

Bitcoin Cash Slides Again

Bitcoin Cash slid 6.98% on Thursday, following Wednesday’s 4.03% fall, to end the day at $1,190.5, logging a 4^th consecutive day of heavy losses.

An early morning $1,349.9 high fell short of the day’s first major resistance level at $1,355.17 and the 23.6% FIB Retracement Level of $1,362, with Bitcoin Cash failing to break back through to $1,400 levels leaving the bears in control.

A slide through the late morning and afternoon, saw Bitcoin Cash fall through the day’s first major support level at $1,210.27 to an intraday low and new swing lo $1,157.5, while holding above the second major support level at $1,138.33 before recovering to the day’s end $1,190.5.

The 4^th consecutive day of decline and new swing lo reaffirmed the near-term bearish trend formed at 5^th May’s swing hi $1,849.9, investors remaining focused on sentiment towards the regulatory landscape and little else.

At the time of writing, Bitcoin Cash was up 0.74% to $1,198.4, recovering from a start of the day $1,155.1 new swing lo before testing resistance at $1,200 with a morning high $1,209.

With sentiment across the broader market mixed at the start of the day, the bears continue to pin back any chance of a relief rally ahead of the weekend, the day’s first major resistance level of $1,307.77 some way off and unlikely to be tested, barring an early move through to $1,250 levels.

Failure to move through to $1,250 levels in the middle part of the day could see Bitcoin Cash under more pressure this afternoon, bringing the day’s first major support level at $1,115.37 into play, which could see Bitcoin Cash test sub-$1,100 support levels for the first time since 24^th April.

Some relief in the early part of the can be expected, though whether Bitcoin Cash can hold on is an altogether different story.

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Litecoin Struggles On

Litecoin fell by 4.92% on Thursday, following Wednesday’s 0.31% fall, to end the day at $132.5, in what was yet another bearish day across the cryptomarket.

An intraday high $141.76 at the start of the day came within reach of the day’s first major resistance level at $141.89, while falling well short of the 23.6% FIB Retracement Level of $144, leading to a pullback to a morning low $137.08, leaving key support levels untested early on. A range bound middle part of the day led to an afternoon sell-off that saw Litecoin fall through the day’s first major support level at $135.9 and second support level at $132.46 to an intraday low and new swing lo $131.37, before a partial recovery to the day’s end $132.5.

Failing to break back through the day’s major support levels, together with the new swing lo $131.37 affirmed the bearish trend formed at 5^th May’s swing hi $182.35.

At the time of writing, Litecoin was down 0.04% to $132.6, with Litecoin recovering from a start of the day new swing lo $129.1, while holding above the day’s first major support level at $128.66 key in the early hours.

For the day ahead, a move through to $135 would support a run at the day’s first major resistance level at $139.05, though for any break through to $140 levels, sentiment across the broader market will need to improve, Litecoin likely to face plenty of resistance in a run up to the 23.6% FIB Retracement Level of $143.4.

Failing to break through to $135 this morning could see Litecoin go into reverse, bringing the day’s first major support level at $128.66 into play, though any pullback will likely avoid the day’s second major support level at $124.82, the week sell-off likely to be drawing in investors on the side lines to provide some much needed support.

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Ripple Joins the Pack

Ripple’s XRP tumbled 6.57% on Thursday, reversing Wednesday’s 2.09% gain, to end the day at $0.64714, logging a 3^rd day in 4 in the red.

An early intraday high $0.71726 fell short of the day’s first major resistance level at $0.7251, while testing selling pressure at the 23.6% FIB Retracement Level of $0.7112, leading to a pullback and an afternoon sell-off that saw Ripple’s XRP fall through the day’s first major support level at $0.64714 to an intraday low $0.64714 before recovering to $0.66 levels by the end of the day.

While Ripple’s XRP managed to avoid a new swing lo, the near-term bearish trend formed at late April’s swing hi $0.96837 remained intact, bearish sentiment gripping Ripple’s XRP and the broader market through the week.

At the time of writing, Ripple’s XRP was up 1.05% to $0.66399, with Ripple’s XRP recovering from a start of the day $0.64193 to leave the day’s first major support level at $0.6324 untested early on.

For the day ahead, a move through to $0.68 levels would support a run at the day’s first major resistance level at $0.7025, though for any break out to the 23.6% FIB Retracement Level of $0.7112, the moves will need to come early, investors likely to be wary of another day of losses should upward momentum fail to materialize.

Failure to break back through to $0.68 levels will bring the day’s first major support level at $0.6324 into play, while we would expect Ripple’s XRP to avoid falling through the second major support level at $0.6047 to sub-$0.60 levels, barring particularly negative news hitting the wires.

Current levels will be considered attractive, but with so much uncertainty, volatility is likely to remain heightened near-term.

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