Bitcoin Cash, Litecoin and Ripple Daily Analysis – 31/05/18

Bitcoin Cash Getting Bullish

Bitcoin Cash slipped by just 0.62% to $982.2 on Wednesday, consolidating Tuesday’s 12.02% recovery.

It was a positive start to the day for Bitcoin Cash, rising to an intraday high $1,029 in the early hours, with a relatively range bound morning leaving the day’s first major resistance level at $1,040.43 and the day’s first major support level at $901.53 untested off the back of a start of the day $977 low.

A mid-day sell-off saw Bitcoin Cash slide to an intraday low $947.6 before recovering to the day’s ending $982.2, setting Bitcoin Cash up for a positive start to the day, while the failure to test key resistance levels and hold well off the 23.6% FIB Retracement Level of $1,100 left the bearish trend intact.

At the time of writing, Bitcoin Cash was up 2.54% to $1,007.6, recovering from an early $970.3 dip to a morning high $1,016.7 before easing back to current levels.

While the morning low held well above the day’s first major support level at $943.53, the $1,016.7 high came within reach of the first major resistance level at $1,024.93, the upward momentum continuing from Wednesday’s late afternoon recovery.

For the day ahead, the bulls will be eying the 23.6% FIB Retracement Level of $1,100, though Bitcoin Cash will need to hold on to $1,000 levels through the morning and breakout through the day’s first major resistance level a $1,024.93 to convince side lined investors to jump back in.

Failing to break through $1,020 to take a run at the day’s second major resistance level at $1,067.67 and the 23.6% FIB Retracement Level of $1,100 could see Bitcoin Cash go into reverse following Wednesday’s mixed day, with the news wires also needing to be considered through the day.

For now, Bitcoin Cash looks to have weathered the storm, supported by the positive news out of South Korea, though other jurisdictions have yet to show their cards, which continues to pose a threat to sentiment and current levels.

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Litecoin on the move

Litecoin slipped by 1.98% on Wednesday, partially reversing Tuesday’s 7.43% gain, to end the day at $117.17.

Following the market trend through much of the day, a range bound morning saw Litecoin’s morning and intraday high $122.86 fall short of the day’s first major resistance level at $124.8, with a start of the day dip to $118.52 seeing Litecoin hold off from testing the day’s first major support level at $112.1 and from striking yet another swing lo.

A lack of momentum through the morning saw Litecoin slide to an intraday low $115 in the early afternoon, avoiding the day’s first major support level at $112.1 to recover to $117 levels by the day’s end.

Failing to test the day’s first major resistance level and end the day well short of the 23.6% FIB Retracement Level of $127 reaffirmed the extended bearish trend on the day.

At the time of writing, Litecoin was up 1.76% to 119.24, recovering from a start of day $116.49 low to current levels, the morning low holding well above the day’s first major support level at $113.83.

For the day ahead, a move through to $120 levels would be needed through the morning to support a run at the day’s first major resistance level at $121.69 and maintain the upward momentum, with any breakout from the day’s first major resistance level likely to bring the 23.6% FIB Retracement Level of $127 into play.

Failing to move through to $120 levels this morning could see Litecoin pullback to $116 levels to bring the day’s first major support level at $113.83 into play, though we would expect Litecoin to avoid sizeable losses through the day, a hold at $120 levels the target for the Litecoin bulls today.

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Ripple bucks the trend

Ripple’s XRP held on to positive territory on Wednesday, rising by 0.04% to $0.60159, following Tuesday’s 9.58% gain.

A start of the day dip to a morning low $0.59476 held well above the day’s first major support level at $0.5591, before bouncing to a morning high $0.62635 to test the day’s first major resistance level at $0.6271, while continuing to fall well short of the 23.6% FIB Retracement Level of $0.6434.

Ripple’s XRP followed the broader market through a middle of the day sell-off, sliding to an intraday low $0.58165 before recovering to $0.60 levels by the close, Ripple’s XRP managing to hold above the day’s first major support level through the day, while also falling well short of the 23.6% FIB Retracement Level of $0.6434 to leave the bearish trend intact.

At the time of writing, Ripple’s XRP was up 0.9% to $0.60725, recovering from an early dip to $0.58917 to a morning high $0.61505 before easing back to $0.60 levels.

Moves through the early part of the day left the day’s first major support level at $0.5802 and first major resistance level at $0.6244 untested, whilst moves in recent days suggest that a bearish trend reversal may be taking shape.

For the day ahead, a move through $0.62 levels and a break out through the day’s first major resistance level at $0.6244 would support a run at the 23.6% FIB Retracement Level of $0.6434 to begin the bearish trend reversal, though sentiment across the broader market will need to be upbeat to support double digit gains through the day.

Failing to move through to $0.62 levels could see Ripple’s XRP reverse gains through the afternoon, with any reversal likely to see the day’s first major support level at $0.5802 tested before any recovery through to $0.60 levels by the day’s end.

While the bearish trend remains intact, a slight improvement in sentiment is apparent that could draw side lined investors back in.

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