Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 19/06/18
Bitcoin Cash Finds Temporary Relief
Bitcoin Cash gained 4.59% on Monday, following Sunday’s 0.28% fall, to end the day at $885.5.
The first half of the day saw Bitcoin Cash continue on its downward path, falling through the day’s first major support level at $838.3 and second major support level at $829.9 to an intraday low $820.1 before a second half of the day rally.
Bitcoin Cash rallied through the day’s three major resistance levels to an intraday high $902.8 in the afternoon, before easing back to sub-$900 levels by the day’s end.
At the time of writing, Bitcoin Cash was down 0.76% to $878.5, the late in the day pullback on Monday spilling over to the early hours of this morning.
In spite of the decline, it’s been relatively range bound, with a morning high $890.2 and low $874 steering well clear of the major resistance and support levels.
For the day ahead, a move back through to Monday’s $902.8 high would support a run at the first major resistance level at $918.83, though with the 23.6% FIB Retracement Level of $1,049 and extended bearish trend intact, Monday’s gains could be short lived should sentiment not shift through the morning.
Failure to move through to $900 levels could see Bitcoin Cash fall back to test the day’s first major support level at $836.13 before recovering, more heavy losses unlikely on the day.
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Litecoin Holding On
Litecoin gained 3.81% on Monday, reversing Sunday’s 1.7% loss, to end the day at $98.63.
Following the broader market trend, Litecoin fell through the morning to an intraday low $93.2, calling on support at the first major support level at $93.89 to avoid $92 levels, with a broad based afternoon rally seeing Litecoin break through the first major resistance level at $97.14 to test resistance at the second major resistance level at $99.2 before easing back to $98 levels by the day’s end.
At the time of writing, Litecoin was down 1.16% to $97.49, with Monday’s late sell-off continuing into the early hours, Litecoin pulling back from a start of the day $99.1 high to a morning $96.86 low, before recovering to $97 levels, the moves through the day leaving major support and resistance levels untested.
For the day ahead, a move through the morning’s high would be needed to support a run at the day’s first major resistance level at $101.15, though we can expect a break through $100 levels to face stern resistance following Monday’s rally, the bearish trend still intact.
Failure to break through $100 could see Litecoin pullback through to test the first major support level at $94.65, before recovering, a major sell-off in the wake of Monday’s rally unlikely barring materially negative news hitting the wires through the afternoon.
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Ripple Needs More
Ripple’s XRP gained 3.03% on Monday, reversing Sunday’s 1.55% fall, to end the day at $0.53967.
Following the broader market, Ripple’s XRP slipped through the first major support level at $0.5160 in the late morning to an intraday low $0.50888 before the afternoon rally saw Ripple’s XRP break through the first major resistance level at $0.5363 and second major resistance level at $0.5482 to an intraday high $0.5575.
In spite of the shift in sentiment, a late reversal to $0.53 levels left the extended bearish trend intact, with Ripple’s XRP continuing to fall well short of the 23.6% FIB Retracement Level of $0.6106.
At the time of writing, Ripple’s XRP was down 0.2% to $0.53837, following the cryptomarket into the red in the early hours, the early moves leaving the day’s major support and resistance levels untested.
For the day ahead, a move back through the start of the day’s $0.54526 high would support a run at the day’s first major resistance level at $0.5618, though following Monday’s relief rally, Ripple’s XRP is likely to face plenty of resistance on the approach to $0.56 levels, any breakout dependent upon market sentiment through the afternoon.
Failure to move through the morning’s high to $0.55 levels in the early afternoon could see Ripple’s XRP cough up Monday’s gains, with a pullback to $0.52 levels on the cards in the event of a broad based sell-off, while we would expect the day’s first major support level at $0.5132 to remain untested through the day, in spite of the bearish trend remaining intact.
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This article was originally posted on FX Empire
