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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 05/03/18

Bitcoin Cash Holds Steady after Sunday’s Recovery

It was certainly a choppy day for Bitcoin Cash on Sunday, with a slide to an intraday low $1,220.7 in the early part of the day coming off the back of a bearish trend that formed in the early hours of Saturday morning.

Bitcoin Cash’s first major support level of $1,241 provided the necessary reversal through the rest of the day, with Bitcoin Cash hitting an intraday high $1,293.4 before easing back to an end of day $1,286.9.

Bitcoin Cash was unable to break out from its first major resistance level of $1,293.6, halting a move through to $1,300 levels.

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It’s been another mixed start to the day this morning, with Bitcoin Cash down 0.07% to $1,282 at the time of writing, easing back from an intraday high $1,294.

A failure to break through to $1,300 levels and test its first major resistance level of $1,313 could see a pullback to $1,240 and test support levels at the start of the week.

It turned out to be a relatively positive week last week, with Bitcoin Cash gaining 10.14% Monday through Sunday, but failing to break through $1,300 continues to hold side lined investors back from jumping back in.

BCH/USD 05/03/18 Hourly Chart
BCH/USD 05/03/18 Hourly Chart

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Litecoin in the Red

Things didn’t go so well for Litecoin last week, with Litecoin falling 2.63% Monday through Sunday, with Sunday’s 1.28% gain not enough to pull the crypto into positive territory for the week.

Litecoin also saw a relatively choppy day on Sunday, falling to an intraday low $205.2, falling through its first major support level of $207 before a move through to an intraday high $214 late in the day that fell short of its first major resistance level of $215.5.

The good news from the weekend was that Litecoin was able to avoid pulling back to sub-$200 levels last hit during the final weekend in February.

At the time of writing, Litecoin was down 0.85% to $211.15, with most of the major cryptos lacking direction through the early part of the day.

For the day ahead a move through this morning’s intraday high $213.26 would support a run at its first major resistance level of $216, with any sideways moves likely to see Litecoin pull back to sub-$210 levels and test its first major support level of $208.

There’s been little negative news to adversely impact the cryptocurrencies through the weekend and this morning, which should provide some support, though we will continue to expect investors to lock in profits early in a rally, limiting any material upside through the day.

LTC/USD 05/03/18 Hourly Chart
LTC/USD 05/03/18 Hourly Chart

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Ripple Finally Hits $1.00 Levels

Patient Ripple investors were finally rewarded on Sunday, with Ripple’s XRP turning bullish through Sunday, to end the week, Monday through Sunday, up 11.14% and more importantly, to close the week at $1.00 levels.

It was the first time that Ripple’s XRP was able to hit $1.00 levels since the 23rd February, with Sunday’s intraday high $1.03487 breaking through its major resistance levels on the day, after having tested the first major support level of $0.87799 in the early hours of the day.

At the time of writing, Ripple’s XRP was up 0.72% to $1.0143, with only Stellar’s Lumen outperforming at the start of the week.

It’s certainly turned bullish for Ripple, with today’s first major resistance level of $1.06749 likely to be tested should the news wires stay relatively silent.

With Ripple XRP’s first major support level sitting at $0.91209, there’s a long way to fall before hitting major support levels, while sub-$1.00 levels is likely to provide initial support that should avoid a more material decline later in the day, in the event that sentiment shifts and investors look to lock in profits for the day.

XRP/USD 05/03/18 Hourly Chart
XRP/USD 05/03/18 Hourly Chart

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This article was originally posted on FX Empire

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