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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 22/06/18

By:
Bob Mason
Published: Jun 22, 2018, 08:19 UTC

The weekend couldn't come soon enough as the cryptomarket goes into sell-down mode off the back of fresh investigations by the South Korea government into recent hacks that have pegged back the market through the week

crypto

Bitcoin Cash Sees More Red

Bitcoin Cash fell by 2.17% on Thursday, following Wednesday’s 1.79% loss, to end the day at $873.2.

A positive start to the day saw Bitcoin Cash move through to an intraday high $908.2 in the early hours, falling short of the first major resistance level at $912.93, before reversing through the remainder of the day, an intraday low $866.1 managing to hold above the first major support level at $865.33 before recovering to $870 levels by the day’s end.

At the time of writing, Bitcoin Cash was down 5.88% with the bears taking over through the morning, as news of the South Korean government launching investigations into the recent hacks handed the reins over to the bears.

The day started on a bad note, with Bitcoin Cash falling from an early $875.3 high through the first major support level at $856.8 to $841, testing the second support level at $840.4 before a second sell-off saw Bitcoin Cash slide through the second major support level to a fresh morning low $815.

For the day ahead it could be a messy one should Bitcoin Cash fail to recovery through the second major support level at $840.4 to avoid more heavy losses, with a pullback through the 13th June’s swing lo $800.9 on the cards later in the day should Bitcoin Cash move sideways through the middle part of the day.

It’s a big reaction to the news wires and, while it’s going to be red for the day, we will expect some support to kick in at current levels.

BCH/USD 22/06/18 4-Hourly Chart

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Litecoin Pulls Back

Litecoin fell by a further 1.16% on Thursday, following Wednesday’s 0.78% decline, to end the day at $96.7, the fall marking a 3rd consecutive day in the red for the current week.

Following the broader market, Litecoin moved through to a morning $99.17 high to come within range of the first major resistance level at $99.38 before reversing through the remainder of the day, an intraday low $96.15 steering clear of the first major support level at $95.89.

At the time of writing, Litecoin was down 6.43% to $90.47, with a broad based market sell-off dragging Litecoin deep into the red, a start of the day $96.79 high leaving the first major resistance level at $98.53 untested before sliding through the three major support levels.

For the day ahead, a move through the third major support level at $91.3 to the second major support level at $94.43 would signal a possible recovery, though with the mass sell-off there could be more pain to come.

Failure to move back through the third and second major support levels would likely see Litecoin pullback to sub-$90 levels and strike a new swing lo in the process before any recovery.

LTC/USD 22/06/18 4-Hourly Chart

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Ripple Rejoins the Pack

Ripple’s XRP fell by 1.1% on Thursday, following Wednesday’s 2.21% slide, to end the day at $0.53265.

Following the broader market, Ripple’s XRP moved through to an intraday high $0.54772 in the early hours before an extended sell-off kicked in through the remainder of the day, the day’s high falling short of $0.55 levels and the day’s first major resistance level at $0.5521.

A late in the day intraday low $0.52952 saw Ripple’s XRP hold above the first major support level at $0.5229 in spite of the extended reversal, with the bears in control through the 2nd half of the week.

At the time of writing, Ripple’s XRP was down 3.91% to $0.51248, moves through the early part of the day tracking the broader market, though the early losses have been on the lighter side relative to its peers.

An early move through to a morning $0.53841 high fell short of the first major resistance level at $0.5437, with Ripple’s XRP sliding through the first major support level at $0.5255 and second major support level at $0.5184 to a morning $0.50917 low, calling on support at the third major support level at $0.5002 before a partial recovery.

For the day ahead, a move back through the second major support level to $0.52 levels would signal a possible rebound, though Ripple’s XRP will need to break out from the first major support level to $0.5366 to support a sustained recovery.

Failure to move back through to $0.52 levels could see Ripple’s XRP resume the sell-off, brining sub-$0.50 levels and a new swing lo into play later in the day.

XRP/USD 22/06/18 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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