Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 18/06/18
Bitcoin Cash Sees More Red
Bitcoin Cash slipped by 0.28% on Sunday, partially reversing Saturday’s 0.86% gain, to end the week down 9.35% to $846.7.
An early bounce gave Bitcoin Cash some upward momentum through the morning, leading to an intraday high $863.1 before reversing, the day’s high having fallen short of the first major resistance level at $863.7 and well short of the 23.6% FIB Retracement Level of $1,049.
A second half of the day reversal saw Bitcoin Cash pullback to an intraday low $842.3 to leave Bitcoin Cash at sub-$850 for a 3rd consecutive day.
At the time of writing, Bitcoin Cash was down 1.31% to $834, the lack of upward momentum through the weekend pinning back the majors at the start of the week. An early $847.5 high fell short of the first major resistance level at $859.1, with a late morning reversal seeing Bitcoin Cash slide through the first major support level at $838.3 to a morning $830.6 low.
For the day ahead, a move through $850 would be needed to support a run at the first major resistance level at $859.10, while the 23.6% FIB Retracement Level of $1,049 remains elusive as the bears tighten their grip, any run at $859.10 unlikely to lead to a breakout.
Failure to move through to $850 in the early afternoon could see Bitcoin Cash pullback to test sub-$830 support levels, the extended bearish trend yet to deliver a fall to sub-$800 levels.
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Litecoin Back in Reverse
Litecoin fell by 1.7% on Sunday, reversing Saturday’s 1.25% gain, to end the week down 11.1% to $95.09.
Following the broader market, a start of the day rally saw Litecoin move through to $97 levels and an early afternoon intraday high $98, testing the first major resistance level at $98.65, before reversing through the late afternoon to an intraday low $94.75, the only positive from the day being a hold above the first major support level at $93.8.
At the time of writing, Litecoin was down 0.59% to $94.45, an early bounce to a morning high $95.24 falling short of the first major resistance level at $97.14, leading to a slide through the first major support level at $93.89 to a morning $93.6 low.
For the day ahead, a move through $95.95 would support a run at the day’s first major resistance level at $97.14 to bring $100 levels into play, though sentiment would need to improve across the broader market for Litecoin to take a run at $97 levels.
Failure to move through to $96 could see Litecoin take a bigger hit later in the day, with the second major support level at $92.7 in play should Litecoin fail to make a move in the early afternoon.
The extended bearish trend remains intact and the negative moves across the market supports further losses before any recovery.
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Ripple Looking to Buck the Trend
Ripple’s XRP slipped by 1.55% on Sunday, following Saturday’s 0.01% gain, to end the week down 9.39% at $0.52434.
A choppy morning saw Ripple’s XRP hit an intraday high $0.53984 in the late morning, before a broad based market sell-off saw Ripple’s XRP reverse through the afternoon, the morning high having fallen short of the day’s first major resistance level at $0.5428 and well short of the 23.6% FIB Retracement Level of $0.6106.
An early afternoon attempt to buck the trend failed, with Ripple’s XRP pulling back to sub-$0.52 levels, testing the day’s first major support level at $0.5199 with an intraday low $0.51953 before recovering to $0.52 levels by the close.
At the time of writing, Ripple’s XRP was up just 0.03% to $0.52359, an early $0.52919 high coming up short of the first major resistance level at $0.5363, before reversing to a morning $0.51603 low to call on support at the day’s first major support level at $0.5160.
While Ripple’s XRP managed to find support to recover to $0.52 levels, negative sentiment across the broader market will likely pin Ripple’s XRP back in the early part of the afternoon, leaving the first major resistance level at $0.5363 out of play, barring a move back through the morning’s high to $0.53 levels in the early afternoon.
Failure to move through to $0.53 levels could see Ripple’s XRP take a bigger hit later in the day, which would see the first major support level at $0.516 tested for a second time, while we would expect Ripple’s XRP to steer clear of the second major support level at $0.5076 and sub-$0.50 levels at the start of the week.
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This article was originally posted on FX Empire
