Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 24/05/18
Bitcoin Cash Finds Support at $1,000
Bitcoin Cash tumbled 12.36% on Wednesday, following Tuesday’s 7.52% slide, to end the day at $994.5, the first sub-$1,000 finish since 20th April.
A start of the day $1,153.4 high was the only positive through the day, with the day’s high falling well short of the first major resistance level at $1,203.33 and 23.6% FIB Retracement Level of $1,293, the late Tuesday slide continuing into the early hours of Wednesday morning.
A lack of support through the day saw Bitcoin Cash slide through the day’s first major support level at $1,095.03 and second major support level at $1,053.97 to an intraday low and new swing lo $964 before a partial recovery in the final hours.
At the time of writing, Bitcoin Cash was on the move, rallying 5.45% to $1,045.1 in the early part of the day.
Bitcoin Cash moved early to break back through the $1,000 levels, off the back of strong support that came in spite of the bearish sentiment across the broader market, leaving the day’s first major support level at $921.2 untested early on.
For the day ahead, there’s a long way to go for Bitcoin Cash to recoup losses from the first half of the week, but with positive sentiment across the broader market, a move through $1,070 would support a run at the day’s first major resistance level at $1,110.6 and 23.6% FIB Retracement Level of $1,173.
Failure to move through to $1,100 levels would support an afternoon reversal, investors likely to lock in gains from the day, the ever present threat of updates from regulators pinning hopes of a more sustained rally near-term. Sub-$1,000 support levels will likely be in play later in the day should Bitcoin Cash fail to make further progress, with the bearish trend intact in spite of this morning’s gains.
Get Into Bitcoin Cash Trading Today
Litecoin Takes a Hit
It went from bad to worse on Wednesday, with Litecoin falling 7.16%, off the back of Tuesday’s 4.38% fall, to end the day at $118.93.
3 consecutive days of decline this week saw Litecoin at sub-$120 levels for the first time since 13th April, with the downward momentum through Wednesday morning leading to a mid-afternoon sell-off. Litecoin slid through the day’s first major support level at $125.4 and second major support level at $122.43 to an intraday low and new swing lo $116.27, before recovering to $118 levels.
The new swing lo and failure to test the day’s major resistance levels left the bearish trend intact, investors having had very little reason to provide support in recent weeks.
At the time of writing, Litecoin was up 2.08% to $121.32, with a start of the day bounce seeing Litecoin strike a morning high $122 before easing back.
The good news early on in the day was that the day’s first major support level at $113.68 was left untested, with the bulls looking to claw back some of Wednesday’s losses.
For the day ahead a move through to $123 levels would support a run at the day’s first major resistance level at $126.76, while a break through the 23.6% FIB Retracement Level of $131.9 may prove to be a step to far for the day, Litecoin likely to face plenty of resistance in the $126 – $130 range.
While current levels will be considered attractive, side lined investors will be looking for some stability through the day before jumping back in.
Failure to hold on to current levels and move through to $123 later in the morning could see investor resolve tested, which would bring sub-$120 support levels into play, though sentiment would need to materially deteriorate for Litecoin to test the day’s first major support level at $113.68
Buy & Sell Cryptocurrency Instantly
Ripple Hits Sub-$0.60
Ripple’s XRP fell by 6.99% on Wednesday, following Tuesday’s 5.45% fall, to end the day at $0.59209, the first sub-$0.60 close since 12th April.
Support through the early part of the day held Ripple’s XRP above the day’s major support levels until a late morning sell-off led to a shift in sentiment, any hopes of Ripple’s XRP managing to buck the trend on the day fading.
With the day’s first major support level at $0.6222 and second major support level at $0.6063 breached in a late morning slide to $0.60115, a mid-afternoon sell-off saw Ripple’s XRP slide back through the day’s second major support level at $0.6063 to an intraday low and new swing lo $0.56631, before recovering to $0.59 levels by the day’s end.
Pulling back to sub-$0.60 levels with a new swing lo reaffirmed the bearish trend formed back in late April, with Ripple’s XRP having some distance to make up to begin reversing the current trend.
At the time of writing, Ripple’s XRP was up 3.74% to $0.61406, the upswing coming within the first hour of the day, as investors jumped back in at sub-$0.60 levels.
With the day’s first major support level at $0.5560 left untested, Ripple’s XRP moved through to a morning high $0.62186 in the last hour, the early gains supporting a splash rally that could see Wednesday’s 7% slide reversed.
A move through to $0.63 levels would support a run at the day’s first major resistance level at $0.6385 to bring the 23.6% FIB Retracement Level of $0.6612 into play, though Ripple’s XRP will likely face plenty of selling pressure at key resistance levels that would likely pin back any breakout from $0.66 levels.
Failure to move through to $0.63 levels later this morning could see Ripple’s XRP going into reverse, a sell-off likely to bring the day’s first major support level at $0.556 into play, while we would expect the day’s second major support level at $0.52 be left untested following this week’s losses.
It’s a bullish start to the day and, should the news wires be friendly, this could be the beginnings of a bearish trend reversal, though much will depend on movers through the morning.
Buy & Sell Cryptocurrency Instantly
This article was originally posted on FX Empire
More From FXEMPIRE:
AUD/USD and NZD/USD Fundamental Daily Forecast – Lower Treasury Yields Will Be Supportive
Natural Gas Price Fundamental Daily Forecast – Supported By Weather-Related Demand Expectations
Price of Gold Fundamental Daily Forecast – Tensions Between U.S., North Korea Are Simmering
Ethereum markets fall again during the trading session on Wednesday
