Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 11/06/18
Bitcoin Cash Goes Bearish
Bitcoin Cash tumbled 14.4% on Sunday, following Saturday’s 2.96% fall, to end the week down 20.51% at $929.9.
The sub-$1,000 close was the first since 1st June and, while the cryptomarket is more accustomed to seeing weekend rallies, the news wires did the damage, leading a broad based market sell-off at the start of the day that continued through to the end of the weekend.
Bitcoin Cash slid through the day’s first major resistance level at $1,058.27 and the second major resistance level at $1,035.23, with a lack of support seeing a day long pullback to an intraday low $891.5, before recovering to $900 levels by the day’s end, the day’s third major support level at $966.3 providing investors with very little cover.
With the U.S regulators probing the cryptomarket exchanges over price manipulation, the latest subpoenas were certainly poorly received by the broader market.
At the time of writing, Bitcoin Cash was down 0.52% to $929.1, with the negative sentiment from the second half of last week spilling into the early hours of Monday.
An early run at $1,000 levels came up short, with a morning high $986 also falling short of the day’s first major resistance level at $1,047.37 and, more importantly, the 23.6% FIB Retracement Level of $1,100, before pulling back into the red.
A morning’s $912.5 low came at the start of the day, with Bitcoin Cash managing to steer clear of the day’s first major support level at $851.97 before recovering.
For the day ahead, we can expect a choppy one, with Bitcoin Cash needing to move through $969.43 to take a run at $1,000 levels and the day’s first major resistance level at $1,047.37, though with the negative sentiment across the markets, Bitcoin Cash may well face plenty of resistance in any bid to recover to $1,000 levels, the news wires unlikely to be particularly friendly.
Failure to through $969.43 to $1,000 levels could see Bitcoin Cash under further pressure later in the day, with Bitcoin Cash having managed to avoid striking a new swing lo, a pullback through the day’s first major support level at $851.97 on the cards as investors consider the U.S CFTC probe as just the beginning of what has been expected to be a tough summer for the cryptomarket.
The moves through the weekend affirmed the extended bearish trend formed in early May and there’s a long way to go before the bulls can claim control.
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Litecoin Needs Support
Litecoin slid by 9.48% on Sunday, following Saturday’s 2.38% fall, to end the week down 14.96% at $106.3.
A start of the day fall to $113.01 saw Litecoin slide through the day’s first major support level at $115.9 and the second major support level at $114.63, before a mid-afternoon sell-off saw Litecoin slide through the third major support level at $110.83 to an intraday low $103.35 before recovering to $106.3 by the day’s end.
The moves through the day, which came off the back of regulatory chatter and news of an exchange hack, reaffirmed the resumption of the extended bearish trend formed in early May, with Litecoin also striking a new swing lo on the day.
At the time of writing, Litecoin was down 0.11% to $106.85, with Litecoin easing back from an early move through to a morning $109.02 high that came up short of the day’s first major resistance level at $114.7 and the 23.6% FIB Retracement Level of $122 before pulling back.
A morning low $104.35 managed to hold above the day’s first major support level at $100.62, with Litecoin having managed to avoid sub-$100 levels throughout the year.
For the day ahead, a move back through $109 would support a run at the day’s first major resistance level at $114.7, though we would expect any rebound to be short lived as investors digest the news and consider what’s next, the 23.6% FIB Retracement Level of $122 out of reach for the day.
Failure to move back through $109 to take a run at the day’s first major resistance level will see Litecoin pull back towards the day’s first major support level, with any slide to sub-$100 considered particularly bearish for Litecoin and the broader market.
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Ripple Stumbles
Ripple’s XRP fell by 12.49% on Sunday, following Saturday’s 2.81% rise, to end the week down 16.18% at $0.57639.
Following the broader market through the day, Ripple’s XRP fell through the day’s first major support level at $0.6433 within the first hour of the day, before a second sell-off in the mid-afternoon saw Ripple’s XRP slide through to an intraday low $0.55067, Ripple’s XRP tumbling through the day’s second major support level at $0.6301 and the third major support level at $0.5974.
While Ripple’s XRP managed to avoid a new swing lo, the extended bearish trend formed in late April was affirmed, with Ripple’s XRP unable to move back through the day’s major support levels, while also sitting some distance off the 23.6% FIB Retracement Level of $0.6442.
At the time of writing, Ripple’s XRP was up 0.12% to $0.57931, an early run at $0.60 levels falling short, with Ripple’s XRP seeing a morning high $0.59339 before reversing to $0.57 levels, moves through the early part of the morning leaving the day’s major support and resistance levels untested early on.
For the day ahead, a move back through the morning’s high to $0.5963 would support a run at $0.60 levels, though the day’s first major resistance level at $0.6420 and the 23.6% FIB Retracement Level of $0.6442 will likely be a step too far for the day.
Failure to move back through the morning high would support a reversal later in the day, with the day’s first major support level at $0.5307 and sub-$0.50 support levels in play before any recovery, the day ahead likely to be a choppy one with Ripple’s XRP in the hands of the bears.
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This article was originally posted on FX Empire
