Bitcoin Cash, Litecoin and Ripple Daily Analysis – 06/06/18

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 06/06/18

Bitcoin Cash Sees Continued Volatility

Bitcoin Cash rallied 7.85% on Tuesday, reversing Monday’s 6.15% slide, to end the day a $1,155.1.

It was a particularly choppy day on Tuesday, with the threat of a resumption of the extended bearish trend all too clear as Bitcoin Cash slid to an intraday low $1,046 in the early hours of the Tuesday morning, the sell-off seeing Bitcoin Cash fall back through the 38.2% FIB Retracement Level of $1,082 before support kicked in.

An early afternoon rally saved the day for the bulls and the near-term bullish trend formed in late May, with Bitcoin Cash breaking out from the 38.2% FIB Retracement Level of $1,082 to an intraday high $1,160, a break back through the 23.6% FIB Retracement Level of 1,133 key to supporting a continuation of the near-term bullish trend.

At the time of writing, Bitcoin Cash was down 0.91% to $1,140.8, recovering from an early $1,113.5 low that called on support from the 23.6% FIB Retracement Level of $1,133, as Bitcoin Cash looks to move back through to the start of the day’s $1,158 high, early moves leaving the day’s first major support and resistance levels untested.

For the day ahead, a move back through to $1,150 would support a run at the day’s first major resistance level at $1,195 to bring $1,200 levels back into play as Bitcoin Cash continues to recover from Monday’s bear attack.

Failure to test the day’s first major resistance level later in the day could see Bitcoin Cash take a hit that would bring the day’s first major support level at $1,080.73 into play, the markets having seen the volatility return and likely remain in the coming weeks, a hold above the 23.6% FIB Retracement Level through the day being key for the bulls.

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Litecoin Struggling On

Litecoin gained 1.8% on Tuesday, partially reversing Monday’s 4.1% slide, to end the day at $122.03.

Following the broader markets, Litecoin tumbled to an early intraday low $116.17, falling through the 62% FIB Retracement Level of $117 to call on support at the day’s first major support level at $116.5, leading to a move back through to $118 levels mid-morning.

A market wide early afternoon rally saw Litecoin move back through to $120 levels, with Litecoin managing to break back through the 32.8% FIB Retracement Level before hitting an intraday high $122.5 late in the day.

With Litecoin failing to break back through the 23.6% FIB Retracement Level of $124 and fail to test key resistance levels through the day, the threat of a resumption to the extended bearish trend remains, with the near-term bullish trend formed in late May at risk of unravelling.

At the time of writing, Litecoin was down 0.74% to $120.97, a start of the day rise to a morning high $122.38 the only bullish move of the day as Litecoin continues to call on support at the 38.2% FIB Retracement Level of $121, Litecoin recovering from a morning low $120.1.

The good news for the bulls was that the day’s first major support level at $117.97 was left untested in the early hours of this morning.

For the day ahead, Litecoin will need to break back through to $122 levels to bring the day’s first major resistance level at $124.3 and the 23.6% FIB Retracement Level of $124 into play, with a break back into $124 levels needed for Litecoin to continue with the near-term bullish trend.

Failure to break out from the 38.2% FIB Retracement Level to move through to $122 levels will likely see the day’s first major support level at $117.97 come into play, with any pullback through to Tuesday’s $116.17 low supporting a resumption of the extended bearish trend formed in early May.

It’s dicey time for Litecoin and, while the trends have largely been in line with the broader market, Litecoin has struggled more than others.

LTC/USD 06/06/18 Hourly Chart

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Ripple Sees More Red

Ripple’s XRP gained 2.41% on Tuesday, partially reversing Monday’s 4.28% fall, to end the day at $0.67358.

Following Monday’s slide, the sell-off continued in the early hours of Tuesday, with Ripple’s XRP sliding through the 38.2% FIB Retracement Level of $0.6445 to an early intraday low $0.63177, before support kicked in, taking Ripple’s XRP back through to $0.66 levels by late morning.

A broad based cryptomarket rally led Ripple’s XRP back through the 23.6% FIB Retracement Level of $0.6685 to an intraday high $0.68587, before easing back to $0.67 levels by the day’s end.

For the bulls, while the day’s first major resistance level at $0.6979 was left untested, ending the day above the 23.6% FIB Retracement Level continued to support the near-term bullish trend formed in late May’s swing lo $0.543.

Ripple’s XRP was down 0.68% to $0.67179 at the time of writing, with negative sentiment across the broader market pinning Ripple’s XRP back from any attempts of a trend bucking move in the early hours.

An early $0.6801 high saw Ripple’s XRP fall short of the day’s first major resistance level at $0.6957, to reverse back through to a morning low $0.66393, calling on support at the 23.6% FIB Retracement Level of 0.6685 to recover to $0.67 levels.

For the day ahead, holding above the 23.6% FIB Retracement Level through the early part of the day will be key in supporting a move back through to $0.68 levels to bring $0.69 levels and the day’s first major resistance level at $0.6957 into play.

Failure to move back through to $0.68 levels would likely bring the 38.2% FIB Retracement Level of $0.6445 and the day’s first major support level at $0.6416 into play, which would question the near-term bullish trend and add further pressure on Ripple’s XRP in the early part of the week.

While the near-term bullish trend remains intact, holding above the 23.6% FIB Retracement Level will be key to supporting a move back through to $0.70 levels and extend the near-term bullish trend.

XRP/USD 06/06/18 Hourly Chart

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