Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 20/06/18
Bitcoin Cash Back in the Red
Bitcoin Cash gained 2.35% on Tuesday, following Monday’s 4.59% rise, to end the day at $906.6, which was the first $900 close since 11th June’s $950.6.
A pullback through the early part of the day saw Bitcoin Cash ease to an intraday low $874 before recovering through the afternoon, the day’s low holding well above the first major support level at $836.13.
Bitcoin Cash, alongside the broader market, moved through to an intraday high $928.8 in the afternoon, breaking through the day’s first major resistance level at $918.83 before easing back, the 2nd consecutive day of gains providing temporary relief to the crypto bulls.
At the time of writing, Bitcoin Cash was down 4.01% to $871.7, with the start of the day seeing Bitcoin Cash slide through the first major support level at $877.47 to a morning low $862.4, as investors looked to lock in profits from the gains made in the early part of the week.
For the day ahead, Bitcoin Cash will need to move back through to $903 to support a run at the day’s first major resistance level at $932.27, with any further upside in the day unlikely as the crypto bears pin back the chances of an extended rally to begin a bearish trend reversal.
Failure to break back through to $900 levels would likely see Bitcoin Cash pullback to $860 levels to bring the day’s second major support level at $848.33 into play before any recovery late in the day.
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Litecoin Bucked the Trend and Pays the Price
Litecoin fell by 0.02% on Tuesday, following Monday’s 3.81% gain, to end the day at $98.61.
Following the broader market, Litecoin fell to an early intraday low $96.86, before a mid-morning rally, with Litecoin managing to steer clear of the day’s first major support level at $94.65.
The mid-morning rally saw Litecoin move back through to $100 levels, with an intraday high $101.65 testing resistance at the first major resistance level at $101.15 before pulling back to sub-$100 levels through the late afternoon to leave Litecoin in the red for the day.
At the time of writing, Litecoin was down 2.05% to $96.56, $100 levels proving to be a challenge early on. A start of the day move to a morning high $99 saw Litecoin reverse to a morning low $95.51, with Litecoin falling through the first major support level at $96.43 before recovering.
For the day ahead, a move back through the morning’s 99 high would support a run at the first major support level at $101.22, though sentiment across the broader market will need to improve for Litecoin to break back through to $100 levels.
Failure to move through to the morning’s high could see Litecoin take another hit late in the day to bring the second major support level at $94.25 into play, which would continue to support the extended bearish trend formed in early May.
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Ripple Sees More Red
Ripple’s XRP gained 1.96% on Tuesday, following Monday’s 3.03% rise, to end the day at $0.54997.
A relatively range bound start to the day saw a morning intraday low $0.53276 hold well above the first major support level at $0.5132, with a late morning rally driving Ripple’s XRP through to an intraday high $0.56285 to test the day’s first major resistance level at $0.5618 before easing back to sub-$0.55 levels by the day’s end.
At the time of writing, Ripple’s XRP was down 2.92% to $0.53228, with Ripple’s XRP recovering from an early slide through the first major support level at $0.5342 to a morning low $0.52185, a start of the day $0.55105 high falling well short of the first major resistance level at $0.5643.
For the day ahead, a move back through $0.5485 would support a run at the day’s first major resistance level at $0.5643, while the 23.6% FIB Retracement Level of $0.6106 will likely continue to remain out of reach, the extended bearish trend remaining intact in spite of the gains through the early part of the week.
Failure to move back through to $0.55 levels would likely see Ripple’s XRP ease back to test sub-$0.54 support levels before recovering, the day’s second major support level at $0.5184 likely to be left untested through the day, barring a news driven sell-off.
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This article was originally posted on FX Empire
