Bitcoin Cash, Litecoin and Ripple Daily Analysis

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 13/05/18

Bob Mason

Updated Sat, May 12, 2018, 11:49 PM

Bitcoin Cash Slide Resumes

Bitcoin Cash rallied 6.75% on Saturday, partially reversing Friday’s 10.19% slide, to end the day at $1,460.7.

It was a mixed day for the cryptomarkets, with Bitcoin Cash sliding through to an intraday low and new swing lo $1,263.4 to call on support at the day’s first major support level at $1,259 before recovering. A late morning rally saw Bitcoin Cash break through the 23.6% FIB Retracement Level of $1,430 to test selling pressure at the 38.2% FIB Retracement Level of $1,510 leading to a pullback to an afternoon low $1,363 before recovering to $1,400 levels.

The moves through the day failed to reverse the near-term bearish trend formed at 5^th May’s swing hi $1,849.9, with major resistance levels left untested through the day.

At the time of writing, Bitcoin Cash was down 3.54% to $1,406.5, the sell-off resuming after Saturday’s respite.

A start of the day $1,469.8 high fell short of the 38.2% FIB Retracement Level of $1,487 and well short of the day’s first major resistance level at $1,556, with negative sentiment across the market pulling Bitcoin Cash back to a morning low $1,400.1 in the last hour.

For the day ahead, support at the $1,400 psychological level may not be enough to avoid a pullback through to $1,300 levels, bringing into play the day’s first major support level at $1,314.4, before any recovery, while sub-$1,300 levels will likely be avoided through the day.

A move back through to the morning high $1,469.8 would support a run at the 38.2% FIB Retracement Level of $1,487 to bring $1,500 levels into play this afternoon, though for key resistance levels to be tested, broad market sentiment will need to change, which may be a big ask ahead of anticipated market news out of South Korea on the latest exchange raid.

Get Into Bitcoin Cash Trading Today

Litecoin Gives up $140

Litecoin gained 4.15% on Saturday, partially reversing Friday’s 8.04% fall, to end the day at $142.16, the day’s moves bringing to an end 6 consecutive days in the red.

An early sell-off saw Litecoin fall to an intraday low and new swing lo $131.88, holding just above the day’s first major support level at $130.51 before rallying through to an intraday high $145 to test the day’s first major resistance level at $145.49 and selling pressure at the 23.6% FIB Retracement Level of $145.

Resistance was ultimately too great, leading to a pullback to $136.46 before recovering to $140 levels by the day’s end, the near-term bearish trend affirmed by the day’s new swing lo $131.88.

At the time of writing, Litecoin was down 2.54% to $138.39, a morning high $143.57 falling short of the day’s first major resistance level of $147.48, while a build-up of sellers saw at the 23.6% FIB Retracement Level of $144 ultimately weighed, Litecoin sliding to a morning low $137.4.

For the day ahead, a move back through to $140 levels would support another positive day, with Litecoin needing to break through the 38.2% FIB Retracement Level of $151 to look to reverse the near-term bearish trend.

Failure to move through to $140 levels this morning will likely see Litecoin fall through the day’s first major support level at $134.36 to test sub-$130 support levels. While we expect the bearish trend to continue into Monday, Litecoin should manage to avoid sub-$130 levels through the day.

Buy & Sell Cryptocurrency Instantly

Ripple Sees more Red

Ripple’s XRP gained just 1.07% on Saturday, following Friday’s 10.14% slide, to end the day at $0.68714. While the day’s moves brought to an end 6 consecutive days in the red, the gains were modest relative to its peers.

An early morning fall through to an intraday low and new swing lo $0.63174 avoided the day’s first major support level at $0.6284, leading a late morning run through to an intraday high $0.70929 before easing back to sub-$0.70 levels through the afternoon, resistance $0.700 too great to support a break through to test the 23.6% FIB Retracement Level of $0.7224 and the day’s first major resistance level at $0.7204.

The modest gains continued to support the near-term bearish trend, with Ripple’s XRP continuing to see a downward trend on intraday highs and lows.

At the time of writing, Ripple’s XRP was down 1.78% to $0.67162, with a start of the day $0.69337 high failing to break through to $0.70 levels to test selling pressure at the 23.6% FIB Retracement Level of $0.7112.

A slide through to a morning low $0.66147 held above the day’s first major support level at $0.6428, with Ripple’s losses modest relative to most having fallen well behind the pack through the week.

For the day ahead, a move back through the morning’s 0.69337 high to $0.70 levels would support a run at the day’s first major resistance level at $0.7204, though for Ripple’s XRP to avoid another sell-off at the 23.6% FIB Retracement Level of $0.7112, broader market sentiment will need to improve this morning.

Failure to move back through to $0.70 levels would likely see Ripple’s XRP pullback through the day’s first major support level at $0.6428 to test sub-$0.60 support levels before any recovery.

While sentiment has turned bearish, the week’s losses should lead to some interest later in the day, though we would not expect any major gains ahead of any updates from South Korean regulators on the latest exchange rate that contributed to the latest market wide sell-off.