Bitcoin Cash, Litecoin and Ripple Daily Analysis – 12/06/18

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 12/06/18

Bitcoin Cash Turns Red Again

Bitcoin gained 1.78%, partially reversing Sunday’s 14.44% slide, to end the day at $950.6.

An early morning rise to an intraday high $986 was the only bullish move for the day, the day’s high 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.

An afternoon pullback to an intraday low $895.3 held well above the day’s first major support level at $851.97, supporting a late recovery back through to $900 levels by the day’s end.

In spite of the late rebound, the moves through the day continued to support the extended bearish trend formed in early May.

At the time of writing, Bitcoin Cash was down 2.15% to $931.5, the moves through the morning seeing Bitcoin Cash give up Monday’s gains.

Having fallen short of recovering to $1,000 levels on Monday, an early move through to an intraday high $958.8 came up short of the day’s first major resistance level at $992.63 before pulling back to a morning low $926.2.

For the day ahead, a move back through to $944 would support a run at the day’s first major resistance level at $992.63 to bring $1,000 levels back into play, with Bitcoin Cash needing to break out from the 23.6% FIB Retracement Level of $1,100 and take a run at the 38.2% FIB Retracement Level of $1,243 to begin reversing the extended bearish trend.

Failure to move through $944 will likely see Bitcoin Cash under pressure later in the day, bringing the day’s first major support level a $901.93 and sub-$900 support levels into play should sentiment not improve through the day.

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Litecoin Struggles with the Pack

Litecoin gained just 0.37% on Monday, partially reversing Sunday’s 9.48% fall, to end the day at $107.37.

An early move through to an intraday high $109.02 was the only bullish move of the day, with Litecoin falling short of the day’s first major resistance level at $114.7 and the 23.6% FIB Retracement Level of $122 before pulling back to an early afternoon intraday low $103.2.

While Litecoin managed to avoid testing support at the day’s first major support level at $100.62, the new swing lo $103.2 reaffirmed the extended bearish trend formed at early May’s swing hi $182.35.

At the time of writing, Litecoin was down 0.59% to $106.84, with Litecoin falling to a morning $105.15 low before recovering to $106 levels, an early morning high $107.95 having fallen short of the day’s first major resistance level at $109.86.

With sentiment across the cryptomarket negative through the first half of the day, a pullback through to this morning’s low would bring the day’s first major support level at $104.04 into play, with sub-$100 levels still on the cards for Litecoin in the current week should sentiment not improve in the coming days.

A move back through to $106.53 would support another run at the day’s first major resistance level at $109.86, with the first target for the Litecoin bulls being $110 levels to bring signs of a near-term recovery.

LTC/USD 12/06/18 4-Hourly Chart

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Ripple Stumbles Again

Ripple’s XRP gained 3.28% on Monday, partially reversing Sunday’s 12.49% slide, to end the day at $0.59765.

Following the broader market, Ripple’s XRP hit an early morning intraday high $0.60104 before reversing through the morning, the day’s high falling well short of the day’s first major resistance level at $0.6420 and the 23.6% FIB Retracement Level of $0.6442 before reversing to a morning low $0.55067.

A middle of the day recovery was short lived with Ripple’s XRP pulling back in the afternoon to an intraday low $0.56032 before a late in the day rebound saw Ripple’s XRP move back through to $0.59 levels, leaving the day’s first major resistance level untested for the day, supporting the extended bearish trend formed at late April’s swing hi $0.97181.

At the time of writing, Ripple’s XRP was down 1.41% to $0.59022, seeing Ripple’s XRP partially reverse Monday’s gains through the morning.

Falling from a start of the day $0.59881 high that left the day’s first major resistance level at $0.6124 untested, Ripple’s XRP pulling back to a morning low $0.5795 before recovering to $0.59 levels, Ripple’s XRP following the broader market into the red in the early hours of the day.

While Ripple’s XRP managed to avoid testing the day’s first major support level at $0.5716, the bearish trend looks to remain intact as the Ripple’s XRP investors lock in profits from the start of the week.

For the day ahead, a breakthrough to $0.60 levels would be needed to support a run at the day’s first major resistance level at $0.6124 to bring the 23.6% FIB Retracement Level of $0.6442 into play, though we would expect major resistance levels to remain untested through the day, the bearish trend suggesting further losses before any recovery.

Failure to move through to $0.60 levels will likely see Ripple’s XRP pullback through the day’s first major support level at $0.5716 to bring Monday’s lows into play before any recovery, Ripple’s XRP unlikely to test the day’s second major support level at $0.5456 on the day, barring the release of particularly negative news from the U.S on ongoing investigations in market price manipulation.

XRP/USD 12/06/18 4-Hourly Chart

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