Bitcoin Cash, Litecoin and Ripple Daily Analysis – 31/03/18The cryptos are on the move again this morning, though whether resistance levels can be broken through remains to be seen, as little has changed sentiment wise, following Thursday’s slide and a mixed bag of results on Friday.
Bitcoin Cash On the Move Again
It was another day of two halves for Bitcoin Cash, which had looked set to trail blaze through the day, an intraday high $772.6, moving to within touching distance of the day’s 23.6% FIB Retracement Level of $786, before investors locked in profits.
The day’s high failed to test the first major resistance level of $820.73, reflecting sentiment across the cryptomarket, particularly following Bitcoin Cash’s 17.4% slide on Thursday.
Bitcoin Cash ended the day at $696.7, down 1.87% for the day, giving up an 8.8% gain from earlier in the day, with investors cautious after entering a bearish trend back at a swing hi $1,084 on 21st March that remained intact through Friday, a sustainable rally needed to shake off the negative sentiment, though looking at current moves, some clarity of the regulatory landscape is likely to be needed.
Monday, through Saturday, Bitcoin Cash was down 28.24%, though perhaps more alarming is the 70.5% slide year-to-date, with the tumble attributable to regulators in South Korea, China, Japan and of course the U.S, leaving Bitcoin Cash down at levels not seen since before the December rally that drove Bitcoin Cash to an all-time high $4,104.3. Let’s not even do the maths on that one…
At the time of writing, Bitcoin Cash was up 3.16% to $716.4, with an early move leading to a morning $736.4 high, which fell short of the day’s first major resistance level of $755.77 and the day’s 23.6% FIB Retracement Level of $769.
For the day ahead, a move back through to $730 levels would support a run at the day’s first major resistance level, with any moves beyond likely to face plenty of resistance later in the day, as investors begin to look ahead to the new week and what the news wires may have in store for the cryptomarket.
If investors can hold on through to the early hours of Monday morning, sentiment could see a material change until the next bit if negative news hits the wires.
Failure to move back through to $730 levels will likely lead to another pullback later in the day, bringing into play the day’s first major support level of $654.47, though with the news wires on the quieter side, there would need to be a broad market sell-off for Bitcoin Cash to lack support at sub-$700 levels.
Litecoin Recovers to $120
Litecoin bucked the trend on Friday, gaining 3.7% to end the day at $118.64, though the day was certainly far from plain sailing, with Litecoin sliding to an intraday low $109.27 in the early hours, as negative sentiment from Thursday’s 12.84% slide spilled into Friday.
Investors turned bullish early however, with the morning’s low finding strong support in spite of steering clear of the day’s first major support level of $107, investors drawn in by the sub-$120 value.
Some profit taking through the morning, as Litecoin touched the day’s 23.6% FIB Retracement Level of $127, led to another pullback through the afternoon before a late rally pulled Litecoin back into positive territory for the day.
The gains were certainly not close to reversing the bearish trend formed back at the 21st March $175.5 swing hi, but it was certainly a start.
At the time of writing, the positive momentum continued, with Litecoin up 2.53% to $121.45, an early morning $125.8 high testing sellers at the day’s 23.6% FIB Retracement Level of $124.9, leading to a pullback to current levels.
For the day ahead, a move back through $125 levels would support a run at the day’s first major resistance level of $127.28, though the broader market will need to be in positive territory for Litecoin to avoid another pullback at the day’s 23.6% FIB Retracement Level.
Failure to move back through to this morning’s high will likely lead to a reversal of the morning’s gains as investors look ahead to the coming week and what the South Korean and Japanese governments have in store for the cryptomarket.
Ripple Holds On
Ripple’s XRP slipped by just 0.61% on Friday to end the day at $0.50025, though things could have been a lot worse for Ripple investors, with Ripple’s XRP sliding to an intraday low $0.46626 in the early hours of Friday morning.
Moves through the day were not too dismilar to that of Litecoin’s, with the day’s low falling through the first major support level of $0.4701. Support was strong at sub-$0.50 levels, driving Ripple’s XRP to an intraday high $0.5263 in the late morning.
Investors didn’t hold out for a move through the day’s 23.6% FIB Retracement Level of $0.5464 to test the first major resistance level of $0.5564, with a mid-afternoon pullback stemming from broader market sell-off leading to a test of the first major support level for a 2nd time.
A late evening rally off the back of the day’s major support level saw Ripple’s XRP limit losses on the day, while the bearish trend formed back at 19th March’s swing hi $0.72872 remained intact.
At the time of writing, Ripple’s XRP was up 1.89% to $0.5089, with sub-$0.50 support levels tested early in the day, a morning low $0.4952 testing the $0.50 psychological support level, whilst avoiding the day’s first major support level of $0.4689.
This morning’s $0.52314 high fell short of major resistance levels, with the day’s 23.6% FIB Retracement Level of $0.5285 and first major resistance level of $0.5289 likely deliver plenty of sellers as Ripple’s XRP moves alongside the broader market.
For the day ahead, a move back through to $0.52 levels would support a run at the day’s major resistance levels, with any moves beyond dependent upon the broader market sentiment that may well turn bearish late in the day, if historical weekend moves are anything to go by.