Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 05/06/18
Bitcoin Cash Gets Bearish
Bitcoin Cash slid by 6.15% on Monday, partially reversing Sunday’s 7.82% rise, to end the day at $1,098.
A start of the day move to an intraday high and new swing hi $1,214.8 was the only bullish move of the day, the day’s high falling short of the first major resistance level at $1,218.47, with a broad based market sell off seeing Bitcoin Cash slide to an intraday low $1,073.
The sell-off saw Bitcoin Cash pull back through the 23.6% FIB Retracement Level of $1,117 to call on support at the 38.2% FIB Retracement Level of $1,070, the day’s first major support level at $1,096.67 providing very little support late in the day.
At the time of writing, Bitcoin Cash was down 1.79% to $1,076.2, with Monday’s sell-off spilling into the early hours, Bitcoin Cash falling to a morning low $1,066.5 as the extended bearish trend resumed following a pullback through the 38.2% FIB Retracement Level of $1,082.
For the day ahead, a move back through $1,100 to $1,128 would support a run at the day’s first major resistance level at $1,184.2, with Bitcoin Cash needing to move back through the 23.6% FIB Retracement Level of $1,133 to resume the near-term bullish trend formed in late May.
Failure to move through to $1,100 levels and break out from the 23.6% FIB Retracement Level will likely see Bitcoin Cash test the day’s first major support level at $1,042.4, with sub-$1,000 levels in play should sentiment not improve in the early part of the day.
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Litecoin in Reverse
Litecoin slid by 4.1% on Monday, reversing Sunday’s 1.31% gain, to end the day at $119.88.
Following the broader market trend, a start of the day $126.99 high came up short of the day’s first major resistance level at $127.96, with a slide through the day seeing Litecoin fall to an intraday low $118.22, Litecoin sliding through the 23.6% FIB Retracement Level of $124 and the 38.2% FIB Retracement Level of $121, with the day’s first and second major support levels also breached.
The moves through the day saw a reversal of the near-term bullish trend formed back in late May, with any further declines today affirming a resumption of the bearish trend formed back in early May.
At the time of writing, Litecoin was down 1.83% to $117.68, with the Monday’s sell-off continuing into the early hours of this morning, Litecoin sliding to a morning $117.01 low, calling on support at the 62% FIB Retracement Level of $117 to affirm a resumption of the bearish trend formed at 5th May’s swing hi $182.35.
For the day ahead, a move back through to $120 levels would support a run at $121 levels, with any improved sentiment across the markets supporting a recovery through the 38.2% FIB Retracement Level of $121 to bring the 23.6% FIB Retracement Level of $124 into play, though with the day’s first major resistance level at $124.97, any recovery will likely fall short of $124 levels today.
Failing to move back through to $120 levels will bring the day’s first major support level at $116.5 into play before any recovery, with a move back through to $120 levels key for Litecoin to avoid pulling back to sub-$110 levels this week.
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Ripple Bears in the Driving Seat
Ripple’s XRP fell by 4.28% on Monday, partially reversing Sunday’s 6.85% gain, to end the day at $0.65827.
A start of the day rally saw Ripple’s XRP move through to $0.70 levels with an intraday high and new swing hi $0.7073, testing the day’s first major resistance level at $0.7060 before the broad market sell-off led Ripple’s XRP to an intraday low $0.63753 before recovering to the day’s ending $0.65827.
Ripple’s XRP pulled back through the day’s first major support level at $0.6557 and the 23.6% FIB Retracement Level of $0.6547 to call on support at the 38.2% FIB Retracement Level of $0.6334, with a late trend bucking move seeing a move back though the 38.2% FIB Retracement Level by the day’s end to leave the near-term bullish trend intact.
At the time of writing, Ripple’s XRP was down 2.6% to $0.64095, with Monday’s late in the day rally reversing in the hourly hours, weighed by the negative sentiment across the cryptomarket.
A pullback to a morning low $0.63111 saw Ripple’s XRP fall through the 38.2% FIB Retracement Level of $0.6445, with support kicking in to avoid testing the day’s first major support level at $0.6281 in the early hours.
For the day ahead, a move back through to $0.65 levels would support an attempted break back through the 23.6% FIB Retracement Level of $0.6685, while moves through the day will likely leave the day’s first major resistance level at $0.6979 untested.
Failure to move through to $0.65 levels and attempt a break out from the 23.6% FIB Retracement Level will likely lead to more losses through the day, with the day’s first major support level of $0.6281 in play, while we would expect Ripple’s XRP to hold above the 62% FIB Retracement Level of $0.6058, with support likely to begin kicking in at sub-$0.63 levels.
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This article was originally posted on FX Empire
