Bitcoin Cash, Litecoin and Ripple Daily Analysis – 25/05/18

It’s a mixed start to the day, with Bitcoin Cash in the red, while the broader markets sit in positive territory to hold on to Thursday’s gains, though we can expect a choppy day ahead, caution playing a hand in direction today.
Bob Mason
consensus

Bitcoin Cash Back in the Red

Bitcoin Cash rallied 8.05% on Thursday, reversing most of Wednesday’s 12.36% loss, to end the day at $1,072.

While the day’s gain may have been an impressive one, a morning slide to an intraday low and new swing lo $941.1 reflected just how sensitive the cryptomarket is to the news wires. Bitcoin Cash had been on the move early on, hitting a morning high $1,049.8 before the reversal, with news of a U.S Justice Department probe into cryptomarket price manipulation doing the damage.

In spite of the new swing lo, Bitcoin Cash managed to avoid testing the day’s first major support level at $921.2, with a second half of the day rally seeing Bitcoin Cash move back through to $1,000 levels, with an intraday high $1,082.3 before easing to the day’s end $1,072, the day’s major resistance levels left untested through the day.

At the time of writing, Bitcoin Cash was down 1.05% to $1,061.2, with a reversal from Thursday’s late high at the start of the day seeing Bitcoin Cash fall to a morning low $1,033.4, relying on support at $1,000 to avoid another pullback to sub-$1,000 levels.

The moves through the early hours have been in contrast to the broader market, which sits in positive territory at the start of the day.

For the day ahead, Bitcoin Cash will need to move through to $1,100 levels and take a run at the day’s first major resistance level at $1,122.5 to continue to restore market confidence, the good news from the morning being some consolidation of Thursday’s gains, though Bitcoin Cash continues to sit deep in the red for the current week.

Failure to move through to $1,100 levels will likely bring sub-$1,000 levels and the day’s first major support level at $981.3 into play, with some caution needed through the day as the news wires continue to ruffle the market’s feathers.

{alt}

Get Into Bitcoin Cash Trading Today

Litecoin Struggles On

Litecoin gained 3.48% on Thursday, partially reversing Wednesday’s 7.16% fall, to end the day at $123.

Following the broader market, a morning reversal saw Litecoin slide to an intraday low and new swing lo $115.11, before support kicked in to see Litecoin rally through the afternoon to an intraday high $125.25.

While the day’s first major support level at $113.68 was left untested, May’s bearish trend was reaffirmed with the new swing lo, with Litecoin also failing to test the day’s first major resistance level at $126.76 and the 23.6% FIB Retracement Level of $131.9 on the day.

At the time of writing, Litecoin was up 0.21% to $123.25, recovering from an early dip to a morning low $121.8, with the day’s major support and resistance levels untested this morning.

For the day ahead, Litecoin will need to break through the day’s first major resistance level at $127.13 to bring the 23.6% FIB Retracement Level of $130.98 into play, Litecoin needing to move through the 38.2% FIB Retracement Level of $140.8 to begin reversing May’s bearish trend.

Failure to move through to $126 levels in the early part of the day, to bring the first major resistance level into play, could see Litecoin pullback into the red through the day, bringing the day’s first major support level of $117 into play, the possibility of further negative news across the wires also a factor through the day.

In spite of the second half of the day recovery on Thursday, the bearish trend remains, with regulatory risk continuing to pin back Litecoin and the broader market.

{alt}

Buy & Sell Cryptocurrency Instantly

Ripple Impresses

Ripple’s XRP rallied 6.79% on Thursday, reversing Wednesday’s 6.99% slide, to end the day at $0.63154.

A morning reversal saw Ripple’s XRP slide to an intraday low $0.57543, before rebounding through the second half of the day, Ripple’s XRP managing to avoid the day’s first major support level at $0.556 and a new swing lo, following Wednesday’s $0.56631.

The second half of the day rally saw Ripple’s XRP break through the day’s first major resistance level at $0.6385 with an intraday high $0.6402, before easing back to $0.63 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 0.26% to $0.62908, recovering from an early morning $0.61929 that held well above the day’s first major support level at $0.5912.

A morning high $0.63858 will have provided some confidence to Ripple investors early on, with the hold on to Thursday’s gains and avoiding a new swing lo on Thursday further reasons for confidence ahead of the weekend.

For the day ahead, a move back through the morning’s high to $0.64 levels would bring the day’s first major resistance level at $0.656 into play, with sentiment across the broader market to dictate selling pressure short of the 23.6% FIB Retracement Level of $0.6612.

Failure to move back through the morning’s high will likely weigh on Ripple’s XRP later in the day, with the day’s first major support level at $0.5912 in play, while we would expect Ripple’s XRP to avoid testing the day’s second major support level at $0.5510.

While it’s a positive start to the day, the continued bearish trend suggests further downside before any rebound, with sub-$0.50 levels still on the cards.

{alt}

Buy & Sell Cryptocurrency Instantly

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Favorites

SymbolLast PriceChange
EURUSD
EUR/USD
1.1719
-0.0022
-0.19%
GBPUSD
GBP/USD
1.3142
-0.0005
-0.04%
XAUUSD
Gold
1231.5
-1.0000
-0.08%
CL
Crude Oil
68.995
+0.7350
+1.08%
SPX
S&P 500
2799.2
-2.5000
-0.09%
DAX
DAX 30
12524.0
+11.000
+0.09%
Live Quotes

Top Promotions

Top Brokers