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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 24/03/18

By:
Bob Mason
Published: Mar 24, 2018, 05:32 UTC

Ripple is looking to make some waves after taking a plunge last week, the rest of the majors looking a bit bruised after a choppy week.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 24/03/18

Bitcoin Cash in Recovery

Bitcoin Cash gained 1.73% on Friday, reversing most of Thursday’s 1.84% losses to end the day at $1,028.5.

It was certainly a mixed day for Bitcoin Cash and the cryptomarkets, with the first half of the day seeing the markets in another slump in response to news from Japan of Binance operating without a license. The markets don’t like regulator clamp downs, but when it comes to the largest exchange by volume on a 24-hour basis, in one of the more crypto friendly jurisdictions, the market really doesn’t like clamp downs.

Bitcoin Cash slid to an intraday low $956.3, falling through the day’s first major support level of $973.27, before sentiment shifted across the market and investors jumped back in ahead of the weekend.

Bitcoin Cash recovered to an intraday high $1,028.6, before closing at $1,028.5, leaving the day’s first major resistance level of $1,057.36 untested through the day, though the fact that Bitcoin Cash managed to move through the day’s 23.6% FIB Retracement Level of $1,006 and 38.2% FIB Retracement Level of $1,020.9 was good news and brings about the possibility of a reversal of the bearish trend formed from Wednesday’s swing hi $1,084.

The recovery certainly sets Bitcoin Cash up for a better weekend than had been feared, with Bitcoin Cash looking to hold on to the 10.2% gain made from Monday’s open through to the end of Friday.

At the time of writing, Bitcoin Cash was down 1.03% to $1,016.8, with Bitcoin Cash moving within a relatively tight range in the early hours of this morning, an intraday high $1,034.9 seeing sellers lined up at the day’s 62% FIB Retracement Level of $1,035.22.

With major support and resistance levels untested thus far, a move back through the morning’s $1,034.9 high would support a run at the day’s first major resistance level of $1,052.63. Such a move would signal a near-term reversal to the latest bearish trend that would be confirmed by a break out beyond the day’s 62% FIB Retracement Level of $1,035.22.

Failure to push through the 62% FIB Retracement Level will likely lead to a pullback to the day’s 23.8% FIB Retracement Level of $986.44, bringing the day’s first major support level of $980.33 into play.

We’ve seen the weekends deliver some decent rallies of late and, with Friday’s recovery, we’re likely to see another one.

BCH/USD 24/03/18 Hourly Chart

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Litecoin Steadies after Bounce Back

Litecoin recovered from an early tumble on Friday, to end the day up 3.16% to $169, reversing Thursday’s 2.99% loss. The Friday recovery led to a 9.7% gain for the week, Monday through to Friday’s day end.

We had seen Litecoin turn bearish at Wednesday morning’s swing hi $175.5, with Litecoin sliding through to a Friday morning swing lo $157.06 and, the bearish trend that had continued through Friday morning certainly looked set, as investors responded to news from Japan of Binance operating without a license.

As has been the case on most of the previous panics, support kicked in, with Litecoin finding buyers after falling through the day’s first major support level of $159.17. The shift in sentiment saw Litecoin bounce back to an intraday high and closing $169, testing the day’s first major resistance level of $169.06 at the day’s end, moving through the 23.6% FIB Retracement Level of $163.74 and 38.2% FIB Retracement Level of $165.99.

At the time of writing, Litecoin was down 0.78% to $167.33, after an early pullback from the day’s 62% FIB Retracement Level of $168.5, having hit an intraday high $169.5 at the start of the day. We’ve maintained the bearish trend and will continue to consider the bearish trend to remain intact until Litecoin breaks out from the day’s 62% FIB Retracement Level.

Failure to break out would likely see Litecoin pull back through the day’s 38.2% FIB Retracement Level of $164.1 and bring the day’s first major support level of $161.04 into play.

The news wires should be friendlier this weekend, leaving broader market sentiment to provide direction.

LTC/USD 24/03/18 Hourly Chart

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Ripple Finally Finds Some Love

Ripple’s XRP had quite a week, with the week’s bearish trend coming off the back of Monday’s swing hi $0.7287 that continued through to Friday’s swing lo $0.61065 struck through the late morning.

The day’s low saw Ripple’s XRP fall through the day’s first major support level of $0.6153, before rebounding through the rest of the day, hitting an intraday high $0.65303 prior to ending the day at $0.64029. The day’s 1.66% loss bucked the trend across the broader market, with many of the majors ending the day in positive territory, Ripple’s XRP down 1.46% for the week.

While there will have been concerns over the fact that Ripple’s XRP logged a weekly loss, while others made solid gains, investors will have become accustomed to the wilder swings seen in Ripple’s XRP when compared with the likes of Bitcoin and Litecoin.

Those holding on through the day would have been vindicated in the early hours of this morning, with Ripple’s XRP bouncing back, up 2.21% to $0.6559 at the time of writing.

An early intraday high $0.6858 touched the day’s 62% FIB Retracement Level of $0.6836, with sellers locking in early gains, leading to a pull back to the day’s 38.2% FIB Retracement Level of $0.6558.

The morning high also broke clear of the day’s first major resistance level of $0.6587 and the day’s 2nd resistance level of $0.6770 before pulling back, which suggests that Ripple’s XRP will likely make another run at the day’s high and look to reverse last week’s bearish trend, with a breakout beyond the day’s 62% FIB Retracement Level.

Failure to push back through to this morning’s high would likely see Ripple’s XRP pull back to the day’s 23.8% FIB Retracement Level of $0.6385 and bring the day’s first major support level of $0.6163 into play, though based on current dynamics, we would expect support levels to be untested through the day barring the release of particularly negative news.

XRP/USD 24/03/18 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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