Bitcoin Cash, Litecoin and Ripple Daily Analysis – 22/03/18

Bitcoin Cash on the Move

Bitcoin Cash slipped 2.95% on Wednesday, reversing gains through the early part of the day. An intraday high $1,084 tested the day’s first major resistance level of $1,074.07 in the early morning, ultimately leading to Bitcoin Cash’s pullback to an intraday low $1,005.6 in the early part of the afternoon.

The good news for Bitcoin Cash investors was the hold at $1,0000, with the day’s low managing to avoid testing the day’s first major support level of $995.67, whilst buyer appetite kicked in at the day’s 23.6% FIB Retracement Level of $1,019.24.

At the time of writing, Bitcoin Cash was up 1.62% to $1,045.7, with the bullish trend intact despite Wednesday’s decline, with the gains coming off the back of a bounce at the start of the day that saw Bitcoin Cash hit an intraday high $1,066.

With support and resistance levels untested through the early part of the day, a pull back to sub-$1,040 levels could see Bitcoin Cash test buyer appetite at the day’s 23.6% FIB Retracement Level of $1,026.89, such a decline likely to see investor sentiment and sub-$1,000 level support tested later in the day.

A move through to $1,070 and an early test of the day’s first major resistance level of $1,074 would support a run at $1,100 levels, though sentiment through the 2^nd half of the day would need to be particularly bullish for Bitcoin Cash investors to stay in and not look to lock in profits.

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Litecoin Looking for a Rebound

Litecoin ended the day relatively flat on Wednesday, falling by just 0.3% to end the day at $168.64. Investor sentiment shifted through the day, with bullish sentiment through the early part of the morning driving Litecoin to an intraday high $175.5, falling short of the day’s first major resistance level of $177.

A late afternoon reversal saw Litecoin tumble to an intraday low $165.14, to test buyer appetite at the 23.6% FIB Retracement Level of $165.3, before recovering to the end of day $168.64.

While resistance levels were untested, the good news for Litecoin investors was the evidence of support, while the day’s first major support level of $158.63 was avoided.

At the time of writing, Litecoin was up 0.66% to $169.81, with the morning’s intraday high $172.5 falling short of the day’s first major resistance level of $174.38.

For the day ahead, a move through to $172 levels would support a run at the day’s first major resistance level, though any moves through to $180 levels are unlikely, with the day’s 2^nd resistance level of $180 likely to be too strong for Litecoin.

Failure to break through to $174 levels would likely see Litecoin cough up early gains, with a pull back to the day’s 23.6% FIB Retracement Level of $166.44 likely to bring the day’ first major support level of $164 into play.

We wouldn’t expect Litecoin to see sub-$160 levels through the day, with Litecoin likely to find support through the day.

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Ripple in the Red

Ripple’s XRP fell by 2.82% on Wednesday, following Tuesday’s 2.95% loss, to end the day at $0.6797. An intraday high $0.71148, failed to break through the day’s first major resistance level of $0.7323, with Ripple’s XRP struggling from the beginning of the day, the lateral moves ultimately leading to a late afternoon slide to an intraday low $0.65968 that tested the day’s first major support level of $0.6627.

A fall through the day’s 23.6% FIB Retracement Level of $0.6834 saw little buying appetite, as sentiment towards Ripple’s XRP deteriorated through the middle part of the week.

At the time of writing, Ripple’s XRP was down 0.08% to $0.6818, with Ripple’s XRP bucking the trend yet again, the rest of the majors in positive territory through the morning.

With buyer appetite being tested at the day’s 23.6% FIB Retracement Level of $0.6834, failure to move back through to $0.69 levels could see a pullback to the day’s 38.2% FIB Retracement Level of $0.6553, off the back of a fall through the day’s first major support level of $0.6558.

Market sentiment at the time of such a move will ultimately dictate whether support will kick in or Ripple’s XRP will see a more significant slide later in the day.

For now, Bitcoin and the majors are in positive territory, though the news wires and some likely profit taking off the back of the mid-week gains may test buyer appetite for Ripple’s XRP later today.

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