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

By:
Bob Mason
Published: Jun 18, 2018, 06:17 UTC

Another choppy start to the day as the crypto bears look to continue on from last week's reversal, the extended bearish trend becoming particularly painful for the bulls. Is a Rebound on the cards? It's about time...

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Bitcoin Cash Sees More Red

Bitcoin Cash slipped by 0.28% on Sunday, partially reversing Saturday’s 0.86% gain, to end the week down 9.35% to $846.7.

An early bounce gave Bitcoin Cash some upward momentum through the morning, leading to an intraday high $863.1 before reversing, the day’s high having fallen short of the first major resistance level at $863.7 and well short of the 23.6% FIB Retracement Level of $1,049.

A second half of the day reversal saw Bitcoin Cash pullback to an intraday low $842.3 to leave Bitcoin Cash at sub-$850 for a 3rd consecutive day.

At the time of writing, Bitcoin Cash was down 1.31% to $834, the lack of upward momentum through the weekend pinning back the majors at the start of the week. An early $847.5 high fell short of the first major resistance level at $859.1, with a late morning reversal seeing Bitcoin Cash slide through the first major support level at $838.3 to a morning $830.6 low.

For the day ahead, a move through $850 would be needed to support a run at the first major resistance level at $859.10, while the 23.6% FIB Retracement Level of $1,049 remains elusive as the bears tighten their grip, any run at $859.10 unlikely to lead to a breakout.

Failure to move through to $850 in the early afternoon could see Bitcoin Cash pullback to test sub-$830 support levels, the extended bearish trend yet to deliver a fall to sub-$800 levels.

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

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Litecoin Back in Reverse

Litecoin fell by 1.7% on Sunday, reversing Saturday’s 1.25% gain, to end the week down 11.1% to $95.09.

Following the broader market, a start of the day rally saw Litecoin move through to $97 levels and an early afternoon intraday high $98, testing the first major resistance level at $98.65, before reversing through the late afternoon to an intraday low $94.75, the only positive from the day being a hold above the first major support level at $93.8.

At the time of writing, Litecoin was down 0.59% to $94.45, an early bounce to a morning high $95.24 falling short of the first major resistance level at $97.14, leading to a slide through the first major support level at $93.89 to a morning $93.6 low.

For the day ahead, a move through $95.95 would support a run at the day’s first major resistance level at $97.14 to bring $100 levels into play, though sentiment would need to improve across the broader market for Litecoin to take a run at $97 levels.

Failure to move through to $96 could see Litecoin take a bigger hit later in the day, with the second major support level at $92.7 in play should Litecoin fail to make a move in the early afternoon.

The extended bearish trend remains intact and the negative moves across the market supports further losses before any recovery.

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

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Ripple Looking to Buck the Trend

Ripple’s XRP slipped by 1.55% on Sunday, following Saturday’s 0.01% gain, to end the week down 9.39% at $0.52434.

A choppy morning saw Ripple’s XRP hit an intraday high $0.53984 in the late morning, before a broad based market sell-off saw Ripple’s XRP reverse through the afternoon, the morning high having fallen short of the day’s first major resistance level at $0.5428 and well short of the 23.6% FIB Retracement Level of $0.6106.

An early afternoon attempt to buck the trend failed, with Ripple’s XRP pulling back to sub-$0.52 levels, testing the day’s first major support level at $0.5199 with an intraday low $0.51953 before recovering to $0.52 levels by the close.

At the time of writing, Ripple’s XRP was up just 0.03% to $0.52359, an early $0.52919 high coming up short of the first major resistance level at $0.5363, before reversing to a morning $0.51603 low to call on support at the day’s first major support level at $0.5160.

While Ripple’s XRP managed to find support to recover to $0.52 levels, negative sentiment across the broader market will likely pin Ripple’s XRP back in the early part of the afternoon, leaving the first major resistance level at $0.5363 out of play, barring a move back through the morning’s high to $0.53 levels in the early afternoon.

Failure to move through to $0.53 levels could see Ripple’s XRP take a bigger hit later in the day, which would see the first major support level at $0.516 tested for a second time, while we would expect Ripple’s XRP to steer clear of the second major support level at $0.5076 and sub-$0.50 levels at the start of the week.

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

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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.

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