Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 17/06/18
Bitcoin Cash Stays in the Red
Bitcoin Cash gained 0.86% on Saturday, partially reversing Friday’s 5.97% slide, to end the day at $849.1, the day’s gains leaving Bitcoin Cash down 9.1% for the week.
An early move through to an intraday high $859.8 fell short of the day’s first major resistance level at $881.73, leading to a reversal through to an intraday low $826.7 before recovering to $840 levels, the day’s first major support level at $817.43 left untested through the day.
At the time of writing, Bitcoin Cash was up 0.38% to $852.7, with Bitcoin Cash testing the day’s first major resistance level at $863.7 early, with an intraday high $863.1 before pulling back. The morning’s $847.5 low came at the start of the day, holding well above the first major support level at $830.6 before the move through to $863 levels.
For the day ahead, a move back through to the morning’s high would be needed to continue to support upward momentum through the weekend, the day’s second major resistance level at $878.3 in play, though the bearish trend continues to pin back any major rallies, reflected in the morning pullback at the day’s first major resistance level.
Failure to move back through to $863 levels to take a run at $870 levels could see Bitcoin Cash take a hit later in the day, with the day’s first major support level at $830.6 in play should sentiment across the broader market deteriorate through the middle part of the day.
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Litecoin Steadies the Ship
Litecoin gained 1.25% on Saturday, partially reversing Friday’s 5.45% slide, to end the day at $96.73, leaving Litecoin down 9.6% for the week.
After a relatively range bound morning, Litecoin pulled back to an intraday low $92.79, falling through the day’s first major support level at $93.2 before recovering to $97 levels through the afternoon, the early afternoon dip the only major event of the day. Litecoin’s intraday high $97.64, struck late in the day, fell well short of the first major resistance level at $99.56 and 23.6% FIB Retracement Level of $111, supporting the extended bearish trend formed in early May.
At the time of writing, Litecoin was up 0.39% to $97.1 in what’s been another range bound start to the day, a morning low $96.72 and high $97.85 steering clear of the first major support and resistance levels.
For the day ahead, a move through to $98 levels would support a run at the first major resistance level at $98.65, though we would expect any attempts at $100 levels to fail, with resistance on the higher side.
Failure to move through to $98 levels could see Litecoin cough up Saturday’s minor gains that would bring the first major support level at $93.8 into play later in the day, the path of least resistance still south across the market.
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Ripple in the Red Again
Ripple’s XRP gained just 0.01% on Saturday, following Friday’s 4.23% slide, to end the day at $0.53278, leaving Ripple’s XRP down 7.93% for the week.
A choppy start to the day saw Ripple’s XRP pullback from an early morning $0.5389 to an intraday low $0.51697 before recovering through the afternoon. The day’s first major support level at $0.5167 and first major resistance level at $0.5538 left were untested through the day, Ripple’s XRP late in the day intraday high $0.53989 also falling well short of the 23.6% FIB Retracement Level of $0.6106.
At the time of writing, Ripple’s XRP was down 0.26% to $0.53097, a range bound start to the day leading to a pullback to a morning $0.53028 low, holding well above the first major support level at $0.5199, as the market looks for direction through the final part of the weekend.
For the day ahead, a move back through the morning’s $0.53825 high would support a run at $0.54 levels to bring the day’s first major resistance level at $0.5428 into play, with any late weekend rally supporting a run at $0.55 levels before any reversal going into Monday.
Failure to break through to $0.54 levels could see sentiment shift later in the day, with Ripple’s XRP likely to test the day’s first major support level at $0.5199 in any sell-off, though we would expect sub-$0.50 levels to continue to be avoided through the weekend, barring materially negative news hitting the wires.
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This article was originally posted on FX Empire
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