Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/03/18

Bitcoin Cash Slumps as Support Dwindles

It was another day in the red for Bitcoin Cash, which fell by 1.59% to end the day at $859.3 on Wednesday, making it 3 consecutive days of losses.

The fall came off the back of a 4.17% fall on Tuesday, with the current week looking to be more bearish than last week.

Through the day, Bitcoin Cash had managed to move into positive territory in the middle of the day, hitting an intraday high $897.5, before going into reverse in the final hours.

Wednesday’s high failed to test the day’s first major resistance level of $913.83 and 23.6% FIB Retracement Level of $919, affirming the continuation of the bearish trend formed at the swing hi $1,084 back on 21^st March.

An intraday low $848 tested the day’s first major support level of $850, with support kicking in to leave Bitcoin Cash at $850 levels at the day’s end, though the failure to test the day’s key resistance levels will likely weigh on appetite for Bitcoin Cash near-term.

Those looking for a bounce back through the early part of this morning will have been disappointed as the cryptomarket entered another tailspin.

Bitcoin Cash was down 6.4% to $804.3 at the time of writing, with an early $868 high stalling well short of the day’s first major resistance level of $888 and 23.6$ FIB Retracement Level of $903.7.

A fall through to a morning $797 low saw Bitcoin Cash tumble through the day’s first major support level of $839.03 and 2^nd support level of $818.77, with the bearish trend formed from the 21^st of March swing hi $1,084 continuing for yet another day.

With sub-$800 levels looming, a test of the day’s 3^rd support level of $769.27 may be needed to reverse the morning’s slide, investors continuing to jump ship in spite of current levels, the bearish trend unwavering.

Holding $800 levels will be key to provide a more sustainable retracement back through the morning’s $868 high and a run at the day’s first major resistance level, though current market sentiment suggests that such moves may be on hold for another day, as Bitcoin Cash sees its daily highs and lows continue to tumble.

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Litecoin Gripping on to $120 Levels

If Bitcoin Cash investors think they’ve had it bad, Litecoin holders have certainly seen more significant declines through the first half of the week.

Litecoin fell by 2.19% on Wednesday, to end the day at $131.69, though much of the damage was done on Monday and Tuesday, where Litecoin saw slides of 7.4% and 9.13% respectively.

Following a sideways move through the morning, an intraday high $139.9 in the middle of the day fell short of Wednesday’s first major resistance level and 23.6% FIB Retracement Level of $144, leading to a pullback to an intraday low $130.11 late in the day, testing the day’s first major support level of $130, before recovering to $131.69 by the day’s end.

Negative sentiment across some of the majors left Litecoin on the back foot and Litecoin’s extended bear trend, formed at a swing hi $175.5 on 21^st March, remained intact though the day.

It went from bad to worse this morning, with Litecoin tumbling 7.4% to $121.95 at the time of writing. Following a relatively range bound start to the day, the morning’s losses came in just an hour, with a morning low $121.5 seeing Litecoin tumble through the day’s 1^st major support level of $127.87 and 2^nd support level of $124.05.

Holding on to $120 will be of particular importance, else Litecoin could be facing the prospects of testing the day’s 3^rd support level of $114.17 and worse yet, sub-$100 psychological support.

The bearish trend formed a 21^st March’s $175.5 has shown little sign of reversing, as more investors pull out, Litecoin heading rapidly towards pre-December rally levels.

A material shift in investor sentiment across the broader market will be needed to stop the rot and, with governments and regulators unlikely to be interested to step in to calm the market, it’s going to need some of the big guns to jump back in to stabilise the market through the middle of the day.

Any move towards $130 levels would support a possible reversal of the day’s losses and a run at the first major resistance level of $137.75, though moves beyond will likely face plenty of selling pressure at the 23.6% FIB Retracement Level of $140.82.

It’s looking quite dire at the time of writing, but as always, a short term bullish move may be just around the corner.

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Ripple Tracking its Peers Lower

Ripple’s XRP was amongst the trend setters on Wednesday, managing to buck the trend amongst the crypto major front runners, gaining 0.62% to end the day at $0.57278.

An intraday high $0.59041 through the middle of the day tested Wednesday’s first major resistance level of $0.5943 and 23.6% FIB Retracement Level of $0.5953, with the broader market sentiment seeing selling pressure build at the day’s key resistance levels, leading to an intraday low $0.55786 in the final hours of the day.

The good news for Ripple investors will have been the fact that support levels were untested, while Ripple’s XRP was also victim to a late in the day pullback, a recent trend seen across the major cryptos.

At the time of writing, Ripple’s XRP was down 4.43% to $0.547, with Ripple investors getting caught up in a wave of sellers across the major cryptos through the early part of the morning.

There were few positives at the start of the day, with Ripple’s XRP sliding to a morning low $0.54025, falling through the day’s first major support level of $0.557 before finding much needed support at the day’s 2^nd support level of $0.5411.

Ripple’s XRP is not out of the woods, in spite the slide easing at the time of writing, with investors likely to be particularly sensitive to any further moves south that could see Ripple’s XRP face the prospect of sub-$0.50 levels before the end of the week.

Even February’s sell-off didn’t pull Ripple’s XRP down at current levels and, while the more bullish crypto investor will consider this a strong buying opportunity, the smarter money would hold back until a reversal kicks in, the current bearish trend having continued since 19^th March’s $0.7282 swing hi.

A move through to $0.58 levels will likely draw in buyers, though moves through to $0.60 levels will face plenty of resistance, with the day’s first major resistance level of $0.5895 and 23.6% FIB Retracement Level of $0.5953 there for investors to consider.

The path of least resistance continues to be south for now.

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