Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/05/18

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/05/18

Bitcoin Cash Finds Support

Bitcoin Cash took a hit on Monday, sliding 11.15% off the back of Sunday’s 0.99% fall, to end the day at $884.3, the lowest close since 19th April’s $896.2.

The day’s $1,005 high came at the start of the day, leaving the first major resistance level at $1,014.17 and the 23.6% FIB Retracement $1,155.6 untested through the day.

A mid-morning slide saw Bitcoin Cash fall through the day’s first major support level at $972.87 and second major support level at $950.53 to a morning low $912, holding above the day’s third major support level at $909.23.

A late afternoon slide pulled Bitcoin Cash deeper into the red, with a fall through the day’s third major support level at $909.23 to an intraday low and new swing lo $868 before a partial recovery at the day’s end.

At the time of writing, Bitcoin Cash was up 0.96% to $889.4 in what’s been a choppy start to the day, Bitcoin Cash having been in and out of positive territory in the early hours.

A start of the day $898.1 high saw Bitcoin Cash face plenty of resistance at $900, holding back a run at the day’s first major resistance level at $970.2, leading to a pullback to a morning low $870.3, before recovering to $890 levels. Bitcoin Cash managing to avoid the day’s first major support level at $833.2 early on was an early positive.

For the day ahead, a move through to $900 levels and a run at the day’s first major resistance level at $970.2 would restore some confidence in Bitcoin Cash and the cryptomarket, though with negative sentiment lingering, we would expect any upside to be capped through the day to leave the day’s first major resistance level and 23.6% FIB Retracement Level of $1,100 untested.

Failure to move through to $900 levels will likely weigh on Bitcoin Cash, bringing the day’s first major support level at $833.2 into play, with a test of sub-$800 support levels also in play later in the day should sentiment not shift through the morning.

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Litecoin Looking for a Bounce Back

Litecoin fell by 5.6% on Monday, following Sunday’s 0.41% fall, to end the day at $111.24.

The day’s intraday high $118.95 came in the early hours and was the only good news, coming within reach of the first major resistance level of $119.04 before a broad based market sell-off kicked in.

Litecoin slid through the day’s first major support level at $116.57 and second major support level at $115.31 to call on support at the day’s third major support level at $112.84, with a morning low $112.0.

A partial recovery to $115 levels was not enough to draw in investors, with Litecoin pulling back through the afternoon to an intraday low and new swing lo $110.51 before recovering to $111 levels by the day’s end.

It certainly got worse for Litecoin through the day, with the new swing lo reaffirming the bearish trend formed at 5th May’s swing hi $182.35.

At the time of writing, Litecoin was up 0.33% to $111.61, with Litecoin managing to recover from an early $110 low to a morning high $112.83 before easing back to current levels.

Moves through the day left the day’s major support and resistance levels untested, with the bearish trend leaving Litecoin well short of the 23.6% FIB Retracement Level of $128.

For the day ahead, a move through the morning’s $112.83 high would support a run at $113 levels, with Litecoin needing to move through $113.6 to support a run at the day’s first major resistance level at $116.62.

Failure to move through to $113 levels would support a reversal later in the day to bring the day’s first major support level at $108.18 into play, raising the possibility of sub-$100 levels this week.

The bearish trend remains intact and, with investors likely to lock in any profits sooner rather than later, gains are likely to be capped, which should leave resistance levels untested through the day.

LTC/USD 29/05/18 4-Hourly Chart

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Ripple Looking to Lead the Way

Ripple’s XRP fell by 8.85% on Monday, following Sunday’s 1.09% fall, to end the day at $0.54804.

A positive start to the day saw Ripple’s XRP move through to an intraday high $0.61064, coming within reach of the day’s first major resistance level at $0.612, before the market slide pulled Ripple’s XRP through the day’s first major support level at $0.5924 and second major support level at $0.5836 to call on support at the day’s third major support level at $0.5640, with a morning low $0.56226.

Ripple’s XRP managed to recover to $0.58 levels, but fell short of a move back through the day’s first major support level at $0.5924, leading to an afternoon reversal that saw Ripple’s XRP slide back through the major support levels to an intraday low and new swing lo $0.54535.

The slide to a new swing lo and failure to move back through the major support levels reaffirmed the bearish trend formed at late April’s swing hi $0.96837.

At the time of writing, Ripple’s XRP was up 1.12% to $0.55344, with Ripple’s XRP seeing a choppy start to the day.

A move through to a morning high $0.56026 came up short of the day’s first major resistance level at $0.5907, leading to a pullback to a morning low $0.54215 before recovering to $0.55 levels, the morning’s low managing to hold well above the day’s first major support level at $0.5254.

For the day ahead, while Ripple’s XRP is looking to break back through to $0.56 levels, a move through $0.568 would be needed to support a run at the day’s first major resistance level at $0.5907, though sentiment would certainly need to see a material improvement through the day for investors to hold off from locking in minor profits.

Failure to move through $0.568 to $0.57 levels could see Ripple’s XRP reverse early gains, with the day’s first major support level at $0.5254 and sub-$0.50 support levels likely to be in play, the bearish trend continuing to take its toll, as the downward trend on intraday highs continues.

XRP/USD 29/05/18 4-Hourly Chart

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