Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/03/18

Bitcoin Cash Lacking Direction

Bitcoin Cash took another tumble on Tuesday, falling 4.17% to end the day at $873.7, following on from Monday’s 6.11% fall.

It was a choppy day, with volatility returning to the cryptomarkets, though without a favourable outcome for the Bitcoin Cash bulls, an intraday high $930.9 falling short of the day’s first major resistance level of $964.33, while testing investor sentiment at the day’s 23.6% FIB Retracement Level of $928.91 on a number of instances through the day, each ultimately leading to pullbacks.

A day low $868 tested the day’s first major support level of $869.93, with support driving Bitcoin Cash back through to $870 levels by the day’s end, while the bearish trend, formed from last Wednesday’s swing hi $1,084 remained firmly intact through the day.

At the time of writing, Bitcoin Cash was up 0.5% to $877.6, with Bitcoin Cash lacking direction through the early part of the day, investors still digesting the material shift in sentiment towards the cryptocurrency market over the last week.

An early $889.4 high failed to test the day’s first major resistance level of $913.73, with major support levels also untested, with a relatively range bound start to the day.

For the day ahead, a move through to $890 would support a run at the day’s first major resistance level and 23.6% FIB Retracement Level of $919, though failure to move through to $900 levels could see selling pressure resume, bringing into play the day’s first major support level of $850.8.

It’s going to take some particularly good news to shift the bearish sentiment that has gripped Bitcoin Cash of late, with Bitcoin Cash closing out the day at sub-$900 levels for the first time since the February sell-off.

Get Into Bitcoin Cash Trading Today

Litecoin down to $130 Levels

It was another horror show for Litecoin on Tuesday, falling 9.13% to end the day at $134.71, the slide coming off the back of a 7.4% tumble on Monday.

The lack of a weekend rally may have given hope for a solid recovery through the first half of the week, but it certainly hasn’t materialised as regulatory risk and Twitter’s formal announcements pin back a cryptomarket that was already on the defensive.

An intraday high $149.48 failed to impress, falling short of the day’s first major resistance level of $158.63, while also failing to test investor sentiment at the day’s 23.6% FIB Retracement Level of $149.91, affirming the bearish trend formed at last Wednesday’s swing hi $175.5.

Things were not much better this morning, with Litecoin down 0.16% to $134.3 at the time of writing, Litecoin moving within a particularly tight range through the start of the day.

A morning high $135.57 sat well below the day’s 23.6% FIB Retracement Level of $144.2 and first major resistance level of $144.64, with the morning’s $132 low avoiding the first major resistance of $129.62.

Yesterday’s end of day $134.71 certainly failed to draw in buyers at the start of the day, in spite of Litecoin not having closed at $130 levels since back in February, with expectations of further declines on the current bearish trend having held back investors from jumping back into the fray.

For the day ahead, a move through to $140 levels would provide some much needed appetite and a run at the day’s first major resistance levels, with market sentiment on hitting the day’s 23.6% FIB Retracement Level likely to dictate the selling pressure through the retracement levels.

Current levels would support a reversal of early losses, though reversing the current bearish trend is an altogether different story and likely to be in the hands of governments and regulators of key jurisdictions.

Buy & Sell Cryptocurrency Instantly

Ripple Alert

Ripple’s XRP slipped by 3.72% on Tuesday, following Monday’s 7.25% slide, to end the day at $0.56648. The downside was certainly not as significant as seen across its peers, with Ripple’s XRP having moved outside of the broader market’s ranges of late.

An intraday high $0.602 fell short of the day’s first major resistance level of $0.6277, while moving through the day’s 23.6% FIB Retracement Level of $0.6217, which saw a build-up of selling pressure, leading to a pull back to sub-$0.60 levels by the close, with Ripple’s XRP bearish trend intact through the day.

A fall through the day’s first major support level of $0.5608, with an intraday low $0.55405, found plenty of support, though not enough to shift sentiment towards Ripple XRP and the broader market.

This morning has been a little kinder to Ripple’s XRP today, with Ripple’s XRP up 1.32% to $0.57465 at the time of writing.

Major resistance and support levels have been untested through the early part of the day, though the day’s gains are certainly a more positive start to the day, supporting a run at the day’s first major resistance level of $0.5943 and 23.6% FIB Retracement Level of $0.5953.

Failure to break through to $0.60 levels would likely lead to a pull back however, bringing the day’s first major support level of $0.5464 into play, as investors continue to fear the worse ahead of an anticipated roll out of new regulations across the cryptomarket.

While the bearish trend remains intact for now, some upside through the day could provide some much needed relief in the middle part of the week, though much will be dependent upon the news wires through the day.

Buy & Sell Cryptocurrency Instantly