Advertisement
Advertisement

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 26/05/18

By:
Bob Mason

Another day in the red for the trio, with Bitcoin Cash taking another big hit early on as the bears reign supreme. The bulls will be looking for a weekend rally, but when it arrives and whether sentiment can shift is another story.

Is Cryptocurrency Here To Stay? - Everything a Newbie Should Know

Bitcoin Cash Woes Continue

Bitcoin Cash saw red again on Friday, sliding 5.95% to end the day at $1,008.9, partially reversing Thursday’s 8.05% recovery.

There was little upside through the day, with Bitcoin Cash giving up $1,000 levels mid-morning with an intraday low $980, calling on support at the day’s first major support level at $981.3 to move back through to $1,000 levels by the close, though not without a volatile afternoon that kept Bitcoin Cash in the red throughout.

The day’s 1,074.1 high came up well short of the first major resistance level at $1,122.5 and the 23.6% FIB Retracement Level of $1,155.6, reaffirming the extended bearish trend formed at 5th May’s swing hi $1,849.9, Bitcoin Cash down 21.95% for the week, Monday through Friday.

At the time of writing, Bitcoin Cash was down 0.81% to $1,005.6, the negative outlook on the anticipated shift in government oversight weighing through the week.

An early dip to a morning low $995.6 held well above the day’s first major support level at $967.9, with Bitcoin Cash managing to recover to $1,000 levels, though holding on through the day may prove to be a challenge.

For the day ahead, a move through to $1,021 would support a run at the day’s first major resistance level at $1,062, with the weekend and the quieter news wires likely to provide the bulls some temporary relief, while momentum continues to be downward.

Failing to test the day’s first major resistance level will likely leave Bitcoin Cash at sub-$1,000 levels by the day’s end, the day’s first major support level at $967.9 likely to be of little comfort should the sell-off resume, sub-$900 support levels in play through the weekend.

BCH/USD 26/05/18 Hourly Chart

Get Into Bitcoin Cash Trading Today

Litecoin Hits Reverse

Litecoin slipped 3.2% on Friday, reversing Thursday’s 3.48% gain to end the day at $119.06.

An early move through to an intraday high $124.44 came up short of the day’s first major resistance level at $127.13 and the 23.6% FIB Retracement Level of $130.98, leading to a pullback late morning, Litecoin hitting an intraday low $117.28 before late support kicked in.

While the day’s low held above the first major support level at $116.99, the bearish trend remained intact, with key resistance levels left untested and Litecoin some way off the $140 levels needed to begin forming a bullish trend.

At the time of writing, Litecoin was down 0.72%, with an early move through to a morning high $119.61 falling short of the day’s first major resistance level at $123.24 before reversing, the negative sentiment spilling over to the early part of the weekend.

While the morning’s $118 low held well above the day’s first major support level at $116.08, it’s a bearish start to the weekend and support levels are likely to come into play.

For the day ahead, a move through to $120 levels would bring the day’s first major resistance level into play, though sentiment across the market will need to vastly improve for Litecoin to hold on to $120 levels and have a run at the 23.6% FIB Retracement Level of $130.98.

Failure to move through to $120 levels and hold through the early part of the day could see Litecoin accelerate losses through the afternoon, with the day’s first major support level at $116.08 and the second major support level at $113.1 in play today.

LTC/USD 26/05/18 Hourly Chart

Buy & Sell Cryptocurrency Instantly

Ripple Resilience Recedes

Ripple’s XRP slid by 4.22% on Friday, partially reversing Thursday’s 6.79% gain, to end the week down 13.4% at $0.60475.

An early morning move through to an intraday high $0.63697 was the only positive for the day, the high falling short of the first major resistance level at $0.656 and the 23.6% FIB Retracement Level of $0.6612.

A mid-morning broad based crypto market sell-off saw Ripple’s XRP pullback to sub-$0.60 levels and an intraday low $0.59407 before recovering to $0.60 levels by the day’s end, the low holding above the first major support level at $0.5912.

In spite of support levels being left untested through the day, the bearish trend remained intact, with Ripple’s XRP failing to test resistance at the 23.6% FIB Retracement Level for a 5th consecutive day.

At the time of writing, Ripple’s XRP was down 1.24% to $0.60105, the sell-off through most of Friday spilling into the early hours of this morning, with Ripple’s XRP hitting an early $0.59171 low before recovering to $0.60 levels.

Holding on to $0.60 levels through the morning will be key for Ripple’s XRP, with a move through to $0.6119 supporting a run at $0.62 levels and the day’s first major resistance level at $0.6298, while the 23.6% FIB Retracement Level of $0.6612 will likely be left untested for yet another day.

Failing to move through to $0.61 levels in the middle part of the day will likely see another pullback, with the day’s first major support level at $0.5869 and second major support level at $0.5510 in play.

It’s testy times for crypto investors and, while the crypto bulls attempt to draw in investors, the path remains in the hands of governments and regulators for now and that’s never going to be good.

XRP/USD 26/05/18 4-Hourly Chart

Buy & Sell Cryptocurrency Instantly

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.

Did you find this article useful?

Advertisement