Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 02/06/18
Bitcoin Cash Needs a Bounce
Bitcoin Cash gained 1.22% on Friday, following Thursday’s 1.09% rise, to end the day at $1,007, to see Bitcoin Cash up 1.36% for the week.
A choppy start to the day saw Bitcoin Cash recover from an early dip to $982.8 to an intraday high $1,016, before reversing to an intraday low $975. The day’s high and low steered clear of key support and resistance levels, with Bitcoin Cash struggling to hold on to $1,000 levels through the day, an end of day rally pulling Bitcoin Cash back through $1,000 to the day’s ending $1,007.
At the time of writing, Bitcoin Cash was down 0.18% to $1,000.3, in what’s been another choppy start to the day. A start of the day morning high $1,012.3 came up short of the day’s first major resistance level at $1,023.67, leading to a slide to a morning low $990.3, with $1,000 continuing to be a key level for Bitcoin Cash going into the weekend.
For the day ahead, investors will be looking out for signs of another weekend rally, with a hold at $1,000 levels key through the morning.
A break through the day’s first major resistance level at $1,023.67 this morning would support a run at the day’s second major resistance level at $1,040.33 before any reversal, with the 23.6% FIB Retracement Level of $1,100 likely to continue to remain elusive though the day, the extended bearish trend still intact in spite of the upward momentum towards the end of the week.
Failing to move through $1,020 levels and have a run at the day’s second major resistance level will likely see Bitcoin Cash pullback to sub-$1,000 levels to test the day’s first major support level at $982.67 before any recovery back through to $1,000 levels ahead of the day’s end.
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Litecoin in a Holding Pattern
Litecoin gained 1.34% on Friday, following Thursday’s 0.96% rise, to end the day at $119.96, up 1.8% for the current week.
Following a range bound start to the day, a mid-morning rally saw Litecoin strike an intraday high $120.82 to test the day’s first major resistance level at $120.7, leading to a reversal to an intraday low $117.0, Litecoin managing to avoid the day’s first major support level at $116.2 to recover to $118 levels.
A late in the day move saw Litecoin move back through to $119 levels and into positive territory by the day’s end.
At the time of writing, Litecoin was up 0.1% to $120, recovering from a start of the day fall to a morning low $118.52.
While managing to avoid the day’s first major support level at $117.7, the key level looks to be $120 for the day, with Litecoin’s $120.14 high leading to the reversal through to $118 levels.
For the day ahead, a break out from $120 through to $120.7 would support a run at the day’s first major resistance level at $121.52, with sentiment across the broader market to dictate whether the day’s second major resistance level at $123.08 is in play later in the day, investors still quick to lock in profits amidst the current extended bearish trend.
Failure to break out from $120 to test the day’s first major resistance level at $121.52 would likely see a pullback through the morning’s low to test the day’s first major support level at $117.7 before any recovery. More material losses could be seen to bring the day’s second major support level at $115.44 into play, though sentiment across the market will need to materially deteriorate through the day.
While the bearish trend remains intact, positive momentum through the weekend would suggest a possible trend reversal, in the days ahead.
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Ripple Looking for a Break Out
Ripple’s XRP gained 1.75% on Friday, following Thursday’s 1.63% rise, to end the day at $0.62247. Four consecutive days of gains, coming off the back of the Monday 8.85% slide left Ripple’s XRP up 3.53% for the current week, Monday through Friday.
An early rally saw Ripple’s XRP hit a morning high $0.62123, before sliding to an intraday low $0.59843, leaving the day’s first major resistance and support levels untested through the morning.
A choppy afternoon led to Ripple’s XRP hitting a late in the day rally to move through to an intraday high $0.62372 before easing back to the day’s ending $0.62247, with Ripple’s XRP failing to test the day’s first major resistance level to bring the 23.6% FIB Retracement Level of $0.6434 into play.
At the time of writing, Ripple’s XRP was up 0.25% to $0.62319, with Ripple’s XRP recovering from an early $0.61281 low to strike a morning high $0.62449, holding on to $0.62 levels through the morning key to supporting a rally in the second half of the day.
For the day ahead, a move through $0.628 would support a run at the day’s first major resistance level at $0.6313 to bring the day’s second major resistance level at $0.6402 and the 23.6% FIB Retracement Level of $0.6434 into play, Ripple’s XRP looking to reverse the extended bearish trend formed in late April.
Failing to move through $0.628 could see Ripple’s XRP pullback through to sub-$0.62 levels, with any material deterioration in market sentiment likely to see Ripple’s XRP slide through the day’s first major support level at $0.6060 to test the day’s second major support level at $0.5896.
It’s been a slow start to the weekend, but we would expect further gains through the day, as Ripple’s XRP begins to form a near-term bullish trend from 29th May’s swing lo $0.543, though Ripple’s XRP will need to break through the 23.6% FIB Retracement Level of $0.6434 to affirm a reversal.
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This article was originally posted on FX Empire
